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The Role of Toeholds and Capital Gains Taxes for Corporate Acquisition Strategies

Liberini, Federica - 2016

cash and stock used to finance the takeover (the method of payment). Within this framework, we analyze the effect of the …

Persistent link: https://www.econbiz.de/10012978390

CEO Side-Payments in Mergers and Acquisitions

Broughman, Brian J. - 2016

to redistribute merger proceeds to management. The current article highlights an overlooked distinction between pre …-merger golden parachutes and merger side-payments. Similar to a legislative rider attached to a popular bill, management can bundle …

Persistent link: https://www.econbiz.de/10013005032

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

Shared Auditors in Mergers and Acquisitions

Dhaliwal, Dan S. - 2015

We examine the impact of shared auditors, defined as audit firms that provide audit services to a target and its acquirer firm prior to an acquisition, on transaction outcomes. We find shared auditors are observed in nearly a quarter of all public acquisitions and targets are more likely to...

Persistent link: https://www.econbiz.de/10013035695

Deconstructing Mergers and Acquisitions and Corporate Scandals in Pharmaceutical Industry

Khan, Dr Hassaan - 2014

This study examines the role of mergers and acquisitions in offsetting adverse market reaction to corporate scandals and litigation on share price and therefore, shareholder wealth creation for pharmaceutical companies. Using a sample of 10 major pharmaceutical companies with financial data from...

Persistent link: https://www.econbiz.de/10013044259

Renegotiations of Target CEOs' Personal Benefits During Mergers and Acquisitions

Patrick, Paige Harrington - 2017

Many view large payments following mergers or acquisitions as excessive and evidence of rent extraction. Using additional disclosures required by the SEC since 2006, I hand-collect details of pre-existing change in control (CIC) provisions in employment agreements and CIC benefits granted to...

Persistent link: https://www.econbiz.de/10012948009

Mergers and Acquisitions HR Index

Bastarrica, Felipe - 2014

As countries around the world regain their economic footing, reigniting confidence and optimism, merger and acquisition (M&A) activity is expected to rebound as well. Both practical experience and research have established that people and culture are key considerations in successful M&A...

Persistent link: https://www.econbiz.de/10013048751

Corporate Control Activism

Corum, Adrian Aycan - 2018

This paper studies the role of activist investors in the M&A market. Our theory proposes that activist investors have an inherent advantage relative to bidders in pressuring entrenched incumbents to sell. As counterparties to the acquisition, bidders have a fundamental conflict of interests with...

Persistent link: https://www.econbiz.de/10012937295

Shareholder Rights in Mergers and Acquisitions : Are Appraisal Rights Being Abused?

Kalodimos, Jonathan - 2017

Appraisal rights grant dissenting shareholders in an acquisition the right to petition the court to determine the value of their shares. These rights can protect shareholders from acquisitions below fundamental value or can be abused by opportunistic investors. We examine the use of appraisal...

Persistent link: https://www.econbiz.de/10012966206

Takeover Defenses in the Era of Shareholder Activism

Shin, Sa-Pyung Sean - 2016

This paper examines the interplay between takeover defenses and shareholder activism. Using a comprehensive sample of … shareholder activism events between 2006 and 2014, I find a differential impact of takeover defense measures on the likelihood of … in place are more likely to become targets. Activists are more likely to demand removal of takeover defense measures and …

Persistent link: https://www.econbiz.de/10012982580