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  • Jan Jindra, Ralph A. Walkling, +6 authors Karen Wruck
  • 2000
This paper examines speculation spreads following initial acquisition announcements in 362 cash tender offers spanning the 1981-1995 period. Speculation spreads in acquisitions, defined as the percentage difference between the bid price and market price one-day after the initial announcement, exhibit a positive mean, with considerable cross-sectional(More)
We compare CEOs of electric and gas utility firms to CEOs of unregulated firms. Utility CEOs tend to be older when appointed to office, have less prestigious educational backgrounds, and are more likely to have a legal background. Despite these differences, the evidence also indicates that the likelihood of utility CEO turnover is at least as sensitive to(More)
The first phase of the heavy ion physics program at the LHC aims to provide lead-lead collisions at energies of 5.5 TeV per colliding nucleon pair and ion-ion luminosity of 10<sup>27</sup>cm<sup>-2</sup>s<sup>-1</sup>. The transformation of CERN&#8217;s ion injector complex (Linac3-LEIR-PS-SPS) presents a number of beam physics and engineering challenges,(More)
We investigate what determines the variation in the composition of the financial assets that make up firms’ total cash reserves. We find that a firm is more likely to invest its cash reserves in longermaturity securities that are less liquid, riskier, but earn a higher yield when (i) the relative yields on these securities increase, (ii) it is more(More)
We provide new evidence on the monitoring benefits from institutional ownership by analyzing the impact of institutional ownership on stock price and operating performance following seasoned equity offerings, a setting where the effects of monitoring are likely to be especially important. We find that announcement returns are positively and significantly(More)
In acquisitions, target CEOs face a moral hazard: any personal gain from the deal could be offset by the loss of the future compensation stream associated with their jobs. Larger, more important, parachutes provide greater relief for these losses. To explicitly measure the moral hazard target CEOs face, we standardize the parachute payment by the expected(More)
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