Add to ORKGThis paper explores the impact of target CEOs ’ retirement preferences on takeovers. Using retirement age as proxy for CEOs ’ private merger costs, we find strong evidence that target CEOs ’ preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher when target CEOs are close to age 65. Takeover premiums and target announcement returns are similar for retirement-age and younger CEOs, implying that retirement-age CEOs increase firm sales without sacrificing premiums. Better corporate governance is associated with more acquisitions of firms led by young CEOs, and with a smaller increase in deals at retirement age
Initial public offerings make a noteworthy contribution to both the growth of equity markets and the...
Using a sample of 2198 completed M&A transactions between 1994 and 2010 in which both target and acq...
Corporate takeovers are major investments that present managers with opportunities that can exacerba...
This paper explores the impact of target CEOs’ retirement preferences on takeovers. Using retirement...
This paper explores the impact of target CEOs ’ retirement preferences on takeovers. Using retiremen...
We examine whether the age of CEOs and independent directors impacts the likelihood of receiving a s...
CEO as the most senior executive carries vast responsibility of the company's operations and decisio...
This study intends to combine both the management characteristics and firm’s characteristics to anal...
We characterize the market for CEOs as consisting of value-maximizing boards of directors bidding fo...
We develop a conceptual model of the career horizon problem of CEOs approaching retirement and discu...
Although growth opportunities fade and profitability declines as firms mature, older firms are no m...
Existing studies on horizon problem have investigated the short-term fluctuation of firm performance...
Purpose – Takeovers create a potential conflict of interest between target shareholders and director...
In this paper we hypothesize that CEOs will be motivated to manage earnings prior to a turnover deci...
I examine if firm performance following acquisitions is affected by CEO age. Younger CEOs have large...
Initial public offerings make a noteworthy contribution to both the growth of equity markets and the...
Using a sample of 2198 completed M&A transactions between 1994 and 2010 in which both target and acq...
Corporate takeovers are major investments that present managers with opportunities that can exacerba...
This paper explores the impact of target CEOs’ retirement preferences on takeovers. Using retirement...
This paper explores the impact of target CEOs ’ retirement preferences on takeovers. Using retiremen...
We examine whether the age of CEOs and independent directors impacts the likelihood of receiving a s...
CEO as the most senior executive carries vast responsibility of the company's operations and decisio...
This study intends to combine both the management characteristics and firm’s characteristics to anal...
We characterize the market for CEOs as consisting of value-maximizing boards of directors bidding fo...
We develop a conceptual model of the career horizon problem of CEOs approaching retirement and discu...
Although growth opportunities fade and profitability declines as firms mature, older firms are no m...
Existing studies on horizon problem have investigated the short-term fluctuation of firm performance...
Purpose – Takeovers create a potential conflict of interest between target shareholders and director...
In this paper we hypothesize that CEOs will be motivated to manage earnings prior to a turnover deci...
I examine if firm performance following acquisitions is affected by CEO age. Younger CEOs have large...
Initial public offerings make a noteworthy contribution to both the growth of equity markets and the...
Using a sample of 2198 completed M&A transactions between 1994 and 2010 in which both target and acq...
Corporate takeovers are major investments that present managers with opportunities that can exacerba...