paid for shares is inversely related to the strength of shareholder rights, and this suggests that managers pay higher … premiums when shareholder rights are more restricted. These findings imply that managers use shareholders' funds to eliminate …

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

alleviate endogeneity concerns through dynamic panel data estimation, propensity score matching, and using a natural experiment …

structural method and calculating shareholder valuations from stock market reactions to takeovers, I find that acquiring managers … overvalue targets by 63% of target capitalization. As a result, acquiring managers pick targets that provide no synergy gains in … 17% of takeovers and overbid by 13% of target capitalization in the rest. Private benefits sought by acquiring managers …