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Governance mandates, outside directors, and acquirer performance
Dahya, Jay; Golubov, Andrey; Petmezas, Dimitris; … - 2016
We use hand-collected board data around the issuance of two distinct government-led board structure mandates in the U.K. to establish the effect of outside directors on acquirer performance. Increases in outside director representation are associated with better acquirer returns in deals...
Persistent link: https://www.econbiz.de/10011646285
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Board Share Ownership and Takeover Performance
Cosh, Andy - 2012
We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …
Persistent link: https://www.econbiz.de/10013103238
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Independent Director Death and CEO Acquisitiveness : Build an Empire or Pursue a Quiet Life?
Shi, Wei - 2016
This study examines the relationship between an independent director's death and CEO acquisitiveness. Using a sample of large U.S. public firms, we find that CEOs who have experienced an independent director's death undertake fewer acquisitions in the post-director death period, in particular...
Persistent link: https://www.econbiz.de/10013005769
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Conditional Returns to Shareholders of Bidding Firms : An Australian Study
Akhtar, Farida - 2013
announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates …
Persistent link: https://www.econbiz.de/10013077619
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Cost of information acquisition and board independence : Evidence from a change in an accounting standard
Allegrucci, Alberto - 2020
Independent directors are valuable because they do not suffer from the agency coststhat afflict executive directors. Independent directors also operate at an informationaldisadvantage compared with executive directors, which makes it hard for them to carryout their duties of advising and...
Persistent link: https://www.econbiz.de/10012838921
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Are Outside Director Trades Informative? Evidence from Acquiring Firms
Gordon, Rachel - 2019
I show that nonroutine premerger trades by acquirer outside directors contain a significant amount of private information and indicate opportunistic trading on the information. I find that outside directors sell shares before less valuable deals and purchase shares before more value enhancing...
Persistent link: https://www.econbiz.de/10012902273
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Industry Experience of Board CEO, and Acquisition Performance
Bhattacharya, Debarati - 2019
This study examines the collective impact of expert boards and CEOs on acquisition performance, providing new insight into the CEO-board relationship. Acquiring firms with expert boards earn an additional 1.16 percentage points when their CEOs are new to the target industry compared to firms...
Persistent link: https://www.econbiz.de/10012871246
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Do Bad Boards Allow Bad Acquisitions?
Pandit, Shail - 2009
A large proportion of acquisitions results in shareholder wealth destruction. This study examines who is responsible for allowing bad acquisitions. Using a sample of 349 tax-free, stock-for-stock, pooling acquisitions over 1993-2001, the announcement period abnormal returns of acquirers are...
Persistent link: https://www.econbiz.de/10014046835
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Impact of Mergers and Acquisitions on Returns to Shareholders of Acquiring Firms : Indian Economy in Perspective
Rani, Neelam - 2012
The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...
Persistent link: https://www.econbiz.de/10013099698
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Value Relevance of Mergers Blocked by Shareholder Lawsuits According to the German Stock Corporation Act : An Event Study
Labrenz, Helfried - 2014
This paper analyses lawsuits against shareholders' resolutions according to the German Stock Corporation Act (AktG) and the German Reorganisation Act (UmwG). A merger passed at the General Annual Meeting will not move forward as long as any lawsuit is pending with a court. In particular, mergers...
Persistent link: https://www.econbiz.de/10013058808