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Sustaining the Buyout Governance Model : Inside Secondary Management Buyout Boards

Jelic, Ranko - 2018

We examine the impact of private equity (PE) directors and their human capital on operating performance in a unique hand collected sample of 200 secondary management buyouts (SMBOs) during 2000-2015. We show that PE directors' human capital tends to play statistically and economically important...

Persistent link: https://www.econbiz.de/10012927568

The Market for Non-Executive Directors : Does Acquisition Performance Influence Future Board Seats?

Goergen, Marc - 2018

This paper investigates whether non-executive directors associated with good (bad) board decisions are subsequently rewarded (penalized) in the market for directors. This question is addressed by assessing whether the post-acquisition performance of acquiring companies influences the number of...

Persistent link: https://www.econbiz.de/10012929029

Impact of Classified Board on M&A Target Shareholder Value : Nurturing Innovation through Entrenchment

Kang, Shinwoo - 2018

We find that classified board in the M&A target firm is positively related to the target shareholder value, but only for firms with both intensive R&D investment and strong external governance. We also find that firms with classified board exhibit superior quality innovation when they have both...

Persistent link: https://www.econbiz.de/10012935021

Does Board Gender Diversity Matter? Evidence From Hostile Takeover Vulnerability

Chatjuthamard, Pattanaporn; Jiraporn, Pornsit; Lee, … - 2021

mechanism, may substitute for internal governance. Consistent with this notion, using a novel measure of takeover vulnerability … primarily based on state legislation, we investigate the effect of the takeover market on board characteristics with special … emphasis on board gender diversity.Design/methodology/approach – We exploit a novel measure of takeover vulnerability based on …

Persistent link: https://www.econbiz.de/10013239732

CEO Turnover in LBOs : The Role of Boards

Cornelli, Francesca - 2015

We examine the CEO turnover in LBOs backed by private equity funds. When a company is taken private, we find that the CEO turnover decreases and is less contingent on performance. We also find that a higher involvement of the LBO sponsors, who replace the outside directors on the board after...

Persistent link: https://www.econbiz.de/10013035557

Power and Information : The Effect of Board Networks on Mergers and Acquisitions

Etheridge, Dane Rees - 2010

information asymmetry in mergers and acquisitions in Australia. Using a sample of 466 bids between 2000 and 2008, it reveals that …

Persistent link: https://www.econbiz.de/10013149017

Boards, Takeover Protection, and Real Earnings Management

Ge, Wenxia - 2014

We investigate the effect of board governance and takeover protection on real earnings management. Four types of real … other discretionary expenses) increases with better board governance and decreases with higher takeover protection. These … earnings management is higher when a firm is faced with tough board monitoring, and that takeover protection may reduce …

Persistent link: https://www.econbiz.de/10013063714

The consequences to directors of deploying poison pills

Johnson, William C.; Karpoff, Jonathan M.; Wittry, … - 2019 - First complete draft: August 30, 2019

We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...

Persistent link: https://www.econbiz.de/10012120332

Takeover Immunity, Takeovers and the Market for Non-Executive Directors

Ashraf, Rasha; Chakrabarti, Rajesh; Fu, Richard; … - 2015

Using a database that covers close to 3,000 listed companies in the United States during a ten year period from 1994 to 2003, we characterize non-executive directors' preference for ATP levels; examine the effect on their careers for changes in ATP levels and approval of acquisitions that create...

Persistent link: https://www.econbiz.de/10014213482

Rumortrage : Can Investors Profit on Takeover Rumors on Internet Stock Message Boards?

Bettman, Jenni L. - 2014

We provide the first empirical investigation into the impact of Internet Stock Message Board takeover rumors on the … takeover rumors disseminated during the period January 2003 to December 2008, inclusive. Overall, our analysis, utilizing … intraday Trade and Quote (TAQ) data, reveals that Message Board takeover rumors generate significant positive abnormal returns …

Persistent link: https://www.econbiz.de/10013069468