This study explores the behavior of underperforming chief executive officers (CEOs) on merger frequency and the effect … on acquirers’ shareholder wealth of merger bids in U.S. industrial firms from 1994 to 2018. We find that underperforming … perform more poorly with a merger bid. Further, we find that rankings of underperforming CEOs who engage in acquisitions are …

takeover target, the takeover premium, and the use of dual class shares. Ordinary Least Squares regressions suggest that the … use of dual class shares is associated with higher takeover premium. However, we also document that the use of dual class … selected we no longer find a significant relation between the takeover premium and the use of dual class shares. Hence, our …