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52
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38
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This paper examines the relation between bidder returns and the subsequent turnover of acquiring firms CEOs for a sample of 390 firms that completed acquisitions during 1990 through <br />1998. We find a strong inverse relation between returns to acquiring firms and the likelihood that their CEOs are subsequently fired. The probability that bad bidders are fired is not significantly related to the size or structure of boards, whether the CEO also serves as chairman of the board, and the method of payment used in the acquisition. The results support the hypotheses that internal governance mechanisms discipline managers who stray from value- maximization. The results also suggest, contrary to Shleifer and Vishny s (2003) theory of stock market driven acquisitions, that negative bidder returns reflect value destruction and not inefficiently priced equity of acquiring firms.
2
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向豆丁求助:有没有Bad Company - Cant Get Enough?

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