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Essays On Mergers And Acquisitions And Governance
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Book Synopsis Essays on Mergers and Acquisitions and Governance by : Rwan Ibrahim Talib El-Khatib
Download or read book Essays on Mergers and Acquisitions and Governance written by Rwan Ibrahim Talib El-Khatib and published by . This book was released on 2012 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a recent strand of corporate finance literature that explores the impact of executives and directors' social connections on firm value, performance, and governance. Those studies document that such social connections could be beneficial when they enhance the sharing of information and knowledge, but could also be detrimental when associated with CEOs, as they could provide the CEO with a source of influence that makes her more entrenched and powerful
Book Synopsis Essays on Corporate Governance and Mergers & Acquisitions by : Tobias Walther-Merkwitz
Download or read book Essays on Corporate Governance and Mergers & Acquisitions written by Tobias Walther-Merkwitz and published by . This book was released on 2014 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Merger and Acquisition Activity and Implications Thereof by : Robert Chatt
Download or read book Essays on Merger and Acquisition Activity and Implications Thereof written by Robert Chatt and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of two essays regarding merger and acquisition (M&A) activity. The first takes a narrower view and makes use of merger and acquisition activity to assess governance faced by individual firms, while the second takes a broader view and investigates how labor market frictions impact overall merger and acquisition activity.The first essay examines how serving as trustee of a sponsor firms 401(k) assets alters the incentives of mutual fund companies to monitor firm behavior. The author uses the M&A decisions of firms to reveal the governance effort of mutual fund families serving as trustee. Over a sample of acquisitions announced between 1999-2013, the evidence presented shows that firms with mutual fund family trustees undertake lower quality mergers at higher frequencies. These firms are more likely to select private or diversifying targets, to pay with cash, and to complete the mergers they announce. This evidence suggests mutual fund families decrease their monitoring of retirement asset client firms. In the second essay, which is joint work with Matthew Gustafson and Adam Welker, the authors provide evidence on the nuanced effect of firing costs on U.S. M&A activity. Following the adoption of state laws that increase firing costs, there is an immediate increase in withdrawn deals and an immediate and persistent 30% reduction in M&A dollar volume, suggesting that post-merger employee turnover is a first-order source of value for large U.S. mergers. In contrast, small firms respond to firing costs by using the M&A market to reorganize into larger entities. There is no decline in small M&As. Instead, small M&As increase over time as average M&A size and the number of small firms decline.
Book Synopsis Essays in Corporate Finance and Corporate Governance by : Gerrit Henrich
Download or read book Essays in Corporate Finance and Corporate Governance written by Gerrit Henrich and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Corporate Governance by : Waquar Ahmad
Download or read book Essays in Corporate Governance written by Waquar Ahmad and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation titled "Essays in Corporate Governance" contains two essays in matters relating to corporations and their governance practices. The titles and the abstracts of the two papers are presented below. Does it pay to play? Political donations around mergers and acquisitions: This study focuses on corporate political donations around mergers and acquisitions of U.S. firms. I track the political contributions made by firms involved in large U.S. mergers from 2000 to 2010 by focusing on four different ways that corporations contribute to political parties: political action committee (PAC) donations, PAC to PAC donations, soft money and 527 committees' donations, and individual donations. Consistent with politicians' rent-seeking behavior, I document evidence that participants in mergers and acquisitions alter their donations around these deals in attempts to influence the deal outcome and appear to do so particularly around deals where donations may be more effective. Overall, I find that large shifts in donations around mergers and acquisitions increase the likelihood of deal completion. After controlling for firm and merger characteristics, the firms involved in mergers make more political contributions after a deal is announced compared to periods before the announcement and after a deal is finalized. This behavior is more pronounced when the deal continues for an extended period of time, which is consistent with the notion that these deals may face more regulatory hurdles and donations may likely impact the merger outcome. Furthermore, I document higher bidder and target abnormal donations after a merger announcement when the market reaction is negative. Finally, donation intensity increases when the merger would cause the industry concentrations ratios to increase above normal. These results collectively suggest that firms aggressively manage political donations around merger and acquisition activity, potentially indicating agency conflicts driving these donations. Director Alpha: An objective measure of director contribution: The appointment of high value directors is associated with immediate positive market reaction, and the presence of high value directors in the board enhances long-run firm value. We identify the contribution of directors by alpha, or the abnormal risk-adjusted stock returns that are generated in other firms on whose boards they sit. We find that investors react positively when high alpha directors are appointed to high alpha boards. CEOs and individuals with MBA or CPA designations are more likely to be high value directors. We find that high alpha directors contribute significantly to firm value. For the typical firm, our parameter estimates imply that replacing a negative alpha director with a positive one is associated with a 3.3% improvement in firm value.
Book Synopsis Essays in Mergers and Acquisitions by : Wenjing Ouyang
Download or read book Essays in Mergers and Acquisitions written by Wenjing Ouyang and published by . This book was released on 2012 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advisor: Samuel Szewczyk.
Book Synopsis Three Essays in Mergers and Acquisitions and Executive Compensation by : Nada El-Hassan
Download or read book Three Essays in Mergers and Acquisitions and Executive Compensation written by Nada El-Hassan and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several studies in the finance literature (and other fields) focus on how compensation contracts of CEOs shape incentives and affect risk-taking behaviour. We examine how CEOs with varying risk appetites approach merger and acquisition (M&A) deals differently due to incentives driven by their compensation structure. Relying on VEGA, the sensitivity of executive's portfolio to a one percent change in volatility of stock returns, we document that acquirers and targets behave differently vis-à-vis their compensation. We show that a longer time to completion is related to the target VEGA (and not bidder VEGA). We also find that a more risk-taking CEO (as encouraged by VEGA) selling his firm would delay completing a deal by a significant three weeks. We conjecture that target CEOs choose to delay deal completion to look for better bids that tally their need to change their portfolio of company holdings. Next, we link executive compensation, mergers and acquisitions, and environmental, social and governance in one framework that produces new insights into how CEO's incentives yield sub-optimal investment decisions. Our sample consists of 1,280 mergers (M&A) from the period of 1993-2018 and uses the CEO's wealth sensitivity to stock price volatility (VEGA) as a proxy for risk-taking behaviour. We establish that there is a shift in the relation between CSR rating and cumulative abnormal announcement returns of M&As deals. After 2008, the market for corporate control no longer rewards more commitment to CSR activities. We examine the performance of our sample of mergers in comparison with that of a matched sample of non-bidding firms vis-à-vis their environmental, social and governance (ESG) profiles over the long term. Our results indicate that more CSR commitment does not translate into better long-term returns for shareholders and stakeholders if the firms participate in M&As. Moreover, we investigate how the bidder and target CSR ratings, as well as management risk-taking incentives (proxied by VEGA), affect deals total synergy estimated around the announcement day. Our results show that firms with lower CSR ratings yield more synergy gains, which are not related to both bidder and target risk-taking incentives. Finally, we provide new evidence related to the debate whether corporate social responsibility (CSR) strategies intrinsically benefit organizations and contribute to wealth creation after controlling for CEO compensation. We utilize a sample of M&A deals spanning the period 1993 to 2018 of target firms with different CSR ratings and investigate the effect of CEOs' executive compensation driven incentives. Our main finding is that Low CSR firms becoming targets of M&A contests in the subperiod post-2008 record the highest cumulative average abnormal returns (compared to High CSR over the same period and other subsamples). We report that Low CSR firms with High VEGA target CEOs specifically perform better in corporate control contests in later years. We justify this as Low CSR firms are characterized by lower governance and more agency costs where management seeks benefit its own interests instead of being considerate for the stakeholders at large.
Book Synopsis Essays on Governance by : Andrew J. Sherman
Download or read book Essays on Governance written by Andrew J. Sherman and published by Advantage Media Group. This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Governance, is a practical, easy to read book featuring a series of thirty-six (36) essays on the strategic essence, philosophy, best practices and legal aspects of leadership and governance. At a time when our faith and confidence in our nation's political and business leaders has reached historic lows, now is the time to reconnect with what it really means to lead and govern properly. Essays On Governance, features a collection of thoughts and insights for today's leaders and board members of companies both large and small, public and private, as well as boards of non-profits and NGO's and universities as well as from global government and political leaders. The book also features guest essays from selective thought leaders in the areas of governance, leadership, innovation, and risk management. Guest Essay The Role of the Governance Lawyer (Lizanne Thomas, Jones Day - Atlanta) Guest Essay Nine (9) Critical Questions A Board Must Ask In Connection With A Crisis or Regulatory Investigation (Henry Klehm, Jones Day, NY and Joan McKown, Jones Day, Washington, D.C) Guest Essay Corporate Communications: Challenges and Opportunities In A Changing World (Dave Groobert, U.S. General Manager, Environics Communications) Guest Essay Corporate Security, (Robert Dodge and Bruce Wimmer, Pinkerton Global Consulting and Investigations) Guest Essay. Information Systems and the Chief Information Officer (CIO) (By Neil Evans, (former CIO) Microsoft and Pete O'Dell, Swan Island Networks) Guest Essay Corporate Boards And Understanding The CFO A Financial Lens, the CEO's Conscience, and Gateway to Fiscal Understanding (Frank J. Walker, Baker Tilly) Guest Essay The Critical Importance of Evaluating and Testing Employees (Bud Haney, CEO, Profiles International, Inc.) Guest Essay Healthy Governance How to Build Healthy, Highly Effective Boards (Dr. Robert Rosen, CEO, Healthy Companies International) Guest Essay Corporate Innovation: Measuring Readiness and Results (Dr. Donald Kuratko, Director JCEI) Guest Essay Corporate Social Responsibility: From Being Best in the World to Being Best for the World, (Mrim Boutla, CEO, More Than Money) Guest Essay The "Innovention" of Global Governance Models, (Jack Hughes - Principal, PHOENIX Financial & Advisory Services, LLC) Guest Essay The Six Gut-Wrenching Questions Every Non-Profit Board Must Ask (Mario Morino, Chairman, Venture Philanthropy Partners) Guest Essay The Essence of Entrepreneurial Leadership (Verne Harnish, Chairman, Gazelles International) Guest Essay Turning The Tables: The SCALE Guide To Selecting The Right Board Members (Marissa Levin, CEO, Information Experts) Guest Essay Looking Towards the Future: The Business Case for Effective Corporate Governance (John Sullivan, Executive Director, Center for International Private Enterprises (CIPE))
Book Synopsis Essays on Mergers and Acquisitions by : Vahap Bülent Uysal
Download or read book Essays on Mergers and Acquisitions written by Vahap Bülent Uysal and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Mergers and Acquisitions by : Anh Luong Tran
Download or read book Essays in Mergers and Acquisitions written by Anh Luong Tran and published by . This book was released on 2010 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Mergers and Acquisitions by : Can Dogan
Download or read book Essays in Mergers and Acquisitions written by Can Dogan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on mergers and acquisitions and innovation by : Vusal Eminli
Download or read book Essays on mergers and acquisitions and innovation written by Vusal Eminli and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of Corporate Governance and Mergers by : K. Gugler
Download or read book The Economics of Corporate Governance and Mergers written by K. Gugler and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders and managers interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm. Focusing on some of the often-neglected aspects of corporate governance such as non-profit organizations and public interest, as well as mergers and acquisitions from a CG perspective, this book will be a valuable resource for both academics and postgraduate students of finance, business and economics.
Book Synopsis Essays on Mergers and Acquisitions by : Valeriya Vitkova
Download or read book Essays on Mergers and Acquisitions written by Valeriya Vitkova and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competition, Monopoly, and Corporate Governance by : Keith Cowling
Download or read book Competition, Monopoly, and Corporate Governance written by Keith Cowling and published by Edward Elgar Publishing. This book was released on 2003 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written in honour of Professor Keith Cowling, Professor of Economics at University of Warwick, these essays offer an overview of the current state of play in related areas including: market structure, corporate power and governance, technical change and social welfare.
Book Synopsis Three Essays on Mergers and Acquisitions by : Jiayi Yuan
Download or read book Three Essays on Mergers and Acquisitions written by Jiayi Yuan and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note is part of Quality testing.
Book Synopsis Two Essays on Mergers and Acquisitions by : Dongnyoung Kim
Download or read book Two Essays on Mergers and Acquisitions written by Dongnyoung Kim and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first essay, we examine the link between CEOs political ideology - conservatism - and their firms' investment decisions. We focus on the effect of CEO conservatism on M&A decisions. Our evidence indicates that politically conservative CEOs are less likely to engage in M&A activities. When they do undertake acquisitions, their firms are more likely to use cash as the method of payment, and the target firms are more likely to be public firms and to be from the same industry. Conditional on the merger, CEO conservatism appears to have a significantly positive impact on long-run firm valuation. However, we find no evidence that conservative CEOs create value in the short run. All our results hold after controlling for CEO overconfidence. In the second essay, we investigate the impact of difference in local political ideologies between acquirers and targets on the likelihood of deal completion and announcement returns over the period of 1981-2009. We posit that increase in political ideology distance between acquirer and target leads to greater risks/costs associated with the integration process. This increase in distance is less likely to allow for the completion of deals and elicit less favorable market response to merger announcements. We find that when political ideology distance between acquirer and target in a merger are minimal, deals are more likely to be completed. We also find that acquirer which are politically proximate to their targets earn significantly higher returns than distant acquirers. After controlling for the geographic effect and other determinants of announcement returns, the political ideology effect still exists. Overall, the evidence suggests that corporate political ideology plays an important role in completing deals and determining announcement returns.
