MANAGERIAL DISCRETION AND TAKEOVER PERFORMANCE

摘要：

We investigate the relation between takeover performance and board share ownership in the acquiring company, for a sample of 363 UK takeovers completed between 1985-96. Consistent with prior studies for our sample period, sample takeovers have a positive impact on profitability and a negative impact on short and long run share returns. We find no evidence of a relation between announcement period share returns and board ownership. However, we do find strong evidence of a non-linear relation between board ownership and long run takeover performance, both in terms of share returns and profitability. Acquirers with board ownership levels below 10 percent and above 25 percent carry out takeovers which have a significantly worse impact on long run share returns and profitability than acquirers with board ownership levels between 10 and 25 percent. This finding is robust to controlling for other factors that determine takeover performance.

关键词： takeovers board ownership profitability long run share returns

作者: ANDY COSH PAUL GUEST ALAN HUGHES

作者单位: Centre for Business Research, Judge Institute of Management Studies, Cambridge University, Trumpingt Centre for Business Research, Judge Institute of Management Studies, Cambridge University, Trumpingt

会议类型: 国际会议

会议名称: 2006年中国金融国际年会

会议地点: 西安

会议语种:英文

页码: 1-34

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）