CEO Preferences and Acquisitions

被引：178

作者：

Jenter, Dirk ^{[1
,2
,3
]}

Lewellen, Katharina ^{[4
]}

机构：

[1] London Sch Econ, London, England

[2] Stanford Univ, Stanford, CA 94305 USA

[3] NBER, Cambridge, MA 02138 USA

[4] Tuck Sch Dartmouth, Dartmouth, NS, Canada

来源：

JOURNAL OF FINANCE | 2015年 / 70卷 / 06期

关键词：

MANAGERIAL INCENTIVES; OWNERSHIP STRUCTURE; GOLDEN PARACHUTES; MARKET VALUATION; TARGET CEOS; CORPORATE; STOCK; OVERCONFIDENCE; PERFORMANCE; GOVERNANCE;

D O I：

10.1111/jofi.12283

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as a 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.

引用

页码：2813 / 2852

页数：40

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