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Tournament Incentives and Acquisition Performance
Hasan, Iftekhar - 2020
This paper examines the impact of promotion-based tournament incentives on corporate acquisition performance. Measuring tournament incentives as the compensation ratio between the CEO and other senior executives, we show that acquirers with greater tournament incentives experience lower...
Persistent link: https://www.econbiz.de/10012853036
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CEO Compensation and Covenant Violations
Francis, Bill B. - 2020
This paper investigates the impact of managerial compensation on the likelihood of covenant violations and reports that higher CEO risk-shifting incentives significantly increase the likelihood of covenant violations. Evidence suggests that CEOs with creditor unfriendly compensation in leveraged...
Persistent link: https://www.econbiz.de/10012857455
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Risk Management Research Report - Spring 2010
Perignon, Christophe - 2014
Risk Management Research Report (RMRR) surveys and screens the flow of academic articles on risk management and presents extended scholarly summaries of today's most important scholarly work in a convenient format on a timely basis. Each issue features approximately 15 of the most important...
Persistent link: https://www.econbiz.de/10013069956
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Political Connections and the Process of Going Public : Evidence from China
Francis, Bill B. - 2009
We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going public. Based on experiences of the new public firms in the Chinese...
Persistent link: https://www.econbiz.de/10013158388
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Can Firms Learn by Observing? Evidence from Cross-Border M&As
Francis, Bill - 2014
​In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of cross-border M&As conducted by US acquirers in developing countries, we document a positive and significant...
Persistent link: https://www.econbiz.de/10013046135
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State Antitakeover Laws and Voluntary Disclosure
Zhao, Yijiang - 2012
We test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a … this association. Our findings are consistent with takeover protection and poor disclosure serving as substitute mechanisms … for deterring takeovers. Therefore, as antitakeover statutes mitigate takeover threats, they enhance managers' incentives …
Persistent link: https://www.econbiz.de/10013101924
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Cross-Border Bank M&As and Risk : Evidence from the Bond Market
Choi, Sungho - 2010
The impact of cross-border bank M&As on bank risk remains an open question. Though geographically diversifying bank M&As have the potential to reduce the risk of bank insolvency, they also have the potential to increase that risk due to the increase in risk-taking incentives for bank managers...
Persistent link: https://www.econbiz.de/10013146977
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Home Preference at Selecting Financial Advisors in Cross-Border M&As
Francis, Bill - 2012
This paper examines the determinants of the choice of financial advisors and their impact on the announcement effects of US acquirers in cross-border M&As. Two hypotheses are tested: one pertains to the acquiring firms' home preference in selecting financial advisors, and the other relates to...
Persistent link: https://www.econbiz.de/10013098169
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Does Relationship Matter? The Choice of Financial Advisors
Francis, Bill - 2012
Using a sample of U.S. mergers and acquisitions, this study evaluates how banking relationships influence acquirers' choice of financial advisors. Specifically, it examines: i) acquirers' previous relationships with advisors in various financial activities: M&A advisories, equity issuings and...
Persistent link: https://www.econbiz.de/10013098176
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Are Credit Rating Disagreements Priced in the M&A Market?
Hasan, Iftekhar; Huang, He; To, Thomas Y. - 2022
This paper examines the effect of credit rating disagreements on merger and acquisition (M&A) decisions. We show that acquirers with split ratings prefer to use stock to finance their acquisitions. More importantly, we find that acquirers with split ratings experience lower announcement returns....
Persistent link: https://www.econbiz.de/10013404205