Managerial Incentives And Takeover Wealth Gains
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Managerial Incentives And Takeover Wealth Gains
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Author :
language : en
Publisher:
Release Date : 2006
Managerial Incentives And Takeover Wealth Gains written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Consolidation and merger of corporations categories.
This study examines the relationship between managerial equity incentives and takeover wealth gains both for target and acquirer firms. Although there is some research about the effect of acquirer managers' incentives on acquirer wealth gains, this paper is one of the first to investigate the effect of target managers' incentives on the wealth effects of target firms in corporate takeovers. In addition, prior research has focused on the alignment effect of equity incentives in takeovers. However, takeovers provide an opportunity to liquidate personal equity portfolio for managers who hold an undiversified portfolio of their firms' stock. In this study, I identify two hypotheses that potentially explain the effect of target managers' incentives on wealth gains. While incentive alignment hypothesis predicts a positive relationship, diversification driven-liquidity hypothesis predicts a negative relationship between target managerial incentives and target wealth gains. I use a sample of 656 successful and 104 failed acquisitions over the period 1994-2003 to test these competing hypotheses. I find that for targets that are less (more) diversified, equity incentives are negatively (positively) related to wealth effects. I also find that the target managerial incentives increase the success probability of a takeover bid and this positive effect is less pronounced for diversified target managers. Based on these results, I conclude that incentive alignment argument is dominated by liquidity argument in less diversified target firms, however, holds in diversified firms. For acquirer managers, I do not find any evidence that supports incentive alignment or diversification arguments.
Symposium On Managerial Incentives And Corporate Performance Effects Of Executive Compensation Organzational Structure Takeovers And Government Policy
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Author : Ray Ball
language : en
Publisher:
Release Date : 1993
Symposium On Managerial Incentives And Corporate Performance Effects Of Executive Compensation Organzational Structure Takeovers And Government Policy written by Ray Ball and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Impact Of Takeover Defenses On Managerial Incentives
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Author : Caspar Rose
language : en
Publisher:
Release Date : 2002
Impact Of Takeover Defenses On Managerial Incentives written by Caspar Rose and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Managerial Incentives And Corporate Performance
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Author : Ray Ball
language : en
Publisher:
Release Date : 1993
Managerial Incentives And Corporate Performance written by Ray Ball and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Managerial Incentives And Corporate Performance
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Author :
language : en
Publisher:
Release Date : 1993
Managerial Incentives And Corporate Performance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Takeover Defenses And Managerial Incentives Under Alternative Legal Regimes
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Author : Richard E. Kihlstrom
language : en
Publisher:
Release Date : 2006
Takeover Defenses And Managerial Incentives Under Alternative Legal Regimes written by Richard E. Kihlstrom and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Takeover Activity Valuation Estimates And Merger Gains
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Author : B. Espen Eckbo
language : en
Publisher: Academic Press
Release Date : 2010-06-02
Takeover Activity Valuation Estimates And Merger Gains written by B. Espen Eckbo and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-02 with Business & Economics categories.
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Bidding Strategies Financing And Control
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Author : Bjørn Espen Eckbo
language : en
Publisher:
Release Date : 2010
Bidding Strategies Financing And Control written by Bjørn Espen Eckbo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
The selection of republished corporate finance articles and book chapters can serve as an advanced corporate finance textbook. Combining convenience with retypeset pages and a high-quality index, this volume and its companion, "Takeover Activity, Valuation Estimates, and Sources of Mergers Gains," introduce students to modern scientific evidence about corporate takeovers. Its contents include classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and test for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers). Featuring a new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications.
The Control Of Corporate Europe
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Author : Fabrizio Barca
language : en
Publisher: OUP Oxford
Release Date : 2001-11-15
The Control Of Corporate Europe written by Fabrizio Barca and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-11-15 with Business & Economics categories.
Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.
Bidding Strategies Financing And Control
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Author : B. Espen Eckbo
language : en
Publisher: Academic Press
Release Date : 2010-03-26
Bidding Strategies Financing And Control written by B. Espen Eckbo and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-26 with Business & Economics categories.
A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner's curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students