type="main" xml:lang="en" <title type="main">Abstract</title> <p>We examine the impact of target management involvement as bidders in a sample of completed going-private buyouts. Announcement-period and long-run target shareholder returns do not appear to be lower in management-involved deals. We attempt to identify...</p>

type="main" <p>Open-market repurchase programs provide firms with the flexibility to manage the cash and risk aspects of their operations. We examine at which stage cash and risk matter in the typical stages of a repurchase program: announcement, implementation, and withdrawal. Cash and risk...</p>

We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes...