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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

Institutional Changes of Specified Purpose Acquisition Companies (SPACs)

Lakicevic, Milan - 2015

This study documents the changes in the corporate design of modern Specified Purpose Acquisition Companies (SPACs) for the years 2003 to 2012. Do institutional characteristics of SPACs determine the success of their merger outcomes? The paper finds that SPACs significantly redesigned their...

Persistent link: https://www.econbiz.de/10013035933

Contractual Revisions in Compensation : Evidence from Merger Bonuses to Target CEOs

Fich, Eliezer M. - 2015

when merger bonuses are present in deals where targets exhibit high pre-takeover abnormal accruals or are subject to SEC …

Persistent link: https://www.econbiz.de/10013036554

Employee-Friendly Acquirers and Acquisition Performance

Ertugrul, Mine - 2015

This paper investigates the relationship between the employee-friendly practices of the acquiring firm and the acquisition performance. I find a positive relationship between employee friendliness of the acquirer and acquisition performance. Employee friendliness of the acquirer is also...

Persistent link: https://www.econbiz.de/10013037402

Flipping the Coin : Are Spacs Post-Merger Value-Creating or Value-Destroying? An Empirical Study on the Value Effects of Special Purpose Acquisition Companies in the United States

Bodewes, Koen - 2021

This study examines the merger announcement and post-announcement value effects of special purpose acquisition company (“SPAC”) transactions in the United States from January 2010 up to March 2021. It finds positive cumulative abnormal merger announcement returns (“CARs”) and negative...

Persistent link: https://www.econbiz.de/10013210949

Strategic Underleveraging and Acquisitions

Blomkvist, Magnus; Felixson, Karl; Löflund, Anders; … - 2021

takeover contests. In line with the MZ commitment hypothesis, we find that greater pre-bid leverage reduction is linked to …

Persistent link: https://www.econbiz.de/10013212010

Do Antitakeover Provisions Harm Shareholders?

Straska, Miroslava - 2010

document that firms with characteristics indicating low power to bargain for favorable terms in a takeover, but also indicating …

Persistent link: https://www.econbiz.de/10013145260

Managerial Talk of Trust and Takeover Performance

Ghufran, Bushra - 2021

of SEC filings (10-K Form) and the prognostic power of such language for takeover performance. The sample under study … long-term takeover performance, suggesting that managerial virtuous talk is, in practicality, an indication of lower post …-acquisition gains for the acquirers in the long run. Furthermore, takeover returns are found to reflect textual information on trust …

Persistent link: https://www.econbiz.de/10013243561

The Predictive Power of Managerial Tone : A Text-Based Analysis of Takeover Performance

Breuer, Wolfgang; Ghufran, Bushra - 2021

predict long-term gains to the acquirers. In order to predict long-term takeover performance, we apply textual analysis to the … reveal that a negative managerial tone has a strong negative association with takeover performance, whereas a positive … managerial tone indicates managerial confidence in merger success, and hence reflects an enhanced takeover performance over an …

Persistent link: https://www.econbiz.de/10013243562

SPACs

Gahng, Minmo; Ritter, Jay R.; Zhang, Donghang - 2021

Special Purpose Acquisition Company (SPAC) IPOs boomed starting in 2020. While SPAC IPO investors have earned 12.0% per year, returns for investors in merged companies are more complex. They have earned -7.3% in the first year on common shares but 64.4% on warrants. We rationalize why certain...

Persistent link: https://www.econbiz.de/10013244517