We investigate the suggested substitutive relation between executive compensation and the disciplinary threat of takeover imposed by the market for corporate control. We complement other empirical studies on managerial compensation and corporate control mechanisms in three distinct ways. First,...

Using 13,233 acquisitions from 57 countries, we examine M&A decisions made by busy boards. We find that few busy acquirers originate from emerging markets and that they tend to undertake cross-border mergers, favor public targets, finance with cash and equity, pursue non-diversifying mergers,...

This study provides deeper insight into the linkages between Bank M&A and M&A literature and test the hypotheses that Acquirers gain significantly from a M&A strategy. Analyzing the Banking industry as an example of Horizontal mergers, the study aims to validate that M&A is a value creating...

This paper analyses the impact of CEO relative compensation on takeover premiums and bidder performance. Based on a sample of takeover deals between Australian listed targets and bidders from 2000 to 2015, we find that there is insignificant difference between bid premiums offered by CEOs who...

This paper examines management's motives for rejecting takeover bids and the associated shareholder wealth effects. We develop several measures of initial bid quality and find a significant negative correlation between contested offers and bid quality. The likelihood of higher follow-on offers...

This paper provides an exhaustive literature review of the motives for public-to-private LBO transactions. First, the paper develops the theoretical framework for the potential sources of value creation from going private: a distinction is made between the reduction in agency costs, stakeholder...

This paper provides an exhaustive literature review of the motives for public-to-private LBO transactions. First, the paper develops the theoretical framework for the potential sources of value creation from going private: a distinction is made between the reduction in shareholder-related agency...

The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion-type financial...

Using a large sample of CEOs of U.K. firms, we show that CEO age is a key determinant of acquisition activity. We find that younger CEOs are more likely to acquire another firm and spend more on large capital expenditures. We argue that while younger CEOs of both U.K. and U.S. firms undertake...