Paul M. Guest

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We examine empirically the relative performance effects of single and multiple acquirers. We find little difference between them. However, we do find that for multiple acquirers short and long run performance declines significantly with each subsequent acquisition. We find that this pattern is robust to controlling for bid characteristics that are known to(More)
We investigate the relation between takeover performance and board share ownership in the acquiring company for a sample of 363 UK takeovers completed in the period 1985-96. In investigating this relationship we pay particular attention to the composition of board shareholdings as well as their size. Thus, in addition to the analysis of total board(More)
We examine the impact of board structure on executive pay for 1,880 UK public firms over 1983-2002, using panel data analysis. Firstly, the proportion of non-executive directors tends to decrease the rate of increase in executive pay whilst board size tends to increase it. Secondly, the proportion of non-executives strengthens the relation between the rate(More)
This study examines the impact of cross-border and domestic acquisitions on the long-run share returns of U.K. acquiring firms. Using a sample of 3260 acquisitions of public and private targets completed during 1984-2000, we find evidence of significantly negative post-acquisition share returns in U.K. domestic acquisitions. In contrast, cross-border(More)
An important aspect of China’s economic reforms has been an ambitious policy to develop a 100 or so large, internationally competitive business groups. Very little is known about these national champion groups or the benefits to subsidiary firms of belonging to them. This study, building from insights and methods used in existing literature, examines the(More)
We review five decades of takeover actively in the UK. We assess the relative characteristics of acquiring and acquired companies and the performance impacts of merger using both accounting and share price based measures. We conclude that the fundamental conclusions reached by Ajit Singh about takeovers and the market for corporate control in his seminal(More)
This chapter addresses the changing nature of corporate governance in the United Kingdom over recent decades and examines whether these changes have had an impact on the UK market for corporate control. The disappointing outcomes for acquiring company shareholders in the majority of corporate acquisitions, public discontent with some pay deals for top(More)