Corpus ID: 167436093

Internet Appendix: Costs and Benefits of "Friendly" Boards during Mergers and Acquisitions

@inproceedings{Schmidt2014InternetAC,
  title={Internet Appendix: Costs and Benefits of "Friendly" Boards during Mergers and Acquisitions},
  author={Breno Schmidt},
  year={2014}
}
2 Citations
Improving the M&A Decision-Making Process: Learning from Serial Acquirers
Mergers and acquisitions (M&A) represent a substantial means to implement corporate and business unit strategy. However, capturing expected value proves to be very challenging. While previous studiesExpand
The Demythification of the Board of Directors
In the debate over corporate governance, the relationship between shareholders and the directors rests at the epicenter. Management has a legal obligation to act in the best interests of shareholdersExpand

References

SHOWING 1-10 OF 10 REFERENCES
The Small World of Investing: Board Connections and Mutual Fund Returns
This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks.Expand
What Matters in Corporate Governance ? Evidence from the Directors ’ and Officers ’ Liability Insurance Market
We investigate whether or not aspects of corporate governance that commonly appear in governance reforms and best practice recommendations are priced in the market place. We do so by focusing on theExpand
Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility
The costs associated with compiling data on employee stock option portfolios is a substantial obstacle in investigating the impact of stock options on managerial incentives, accounting choice,Expand
More than Words: Quantifying Language to Measure Firms' Fundamentals
We examine whether a simple quantitative measure of language can be used to predict individual firms' accounting earnings and stock returns. Our three main findings are: (1) the fraction of negativeExpand
Corporate Governance and the Value of Cash Holdings
In this paper, we investigate how corporate governance impacts firm value by examining both the value and the use of cash holdings in poorly and well governed firms. Cash represents a large andExpand
What Do Independent Directors Know? Evidence from Their Trading
We compare the trading performance of independent directors and other officers of the firm. We find that independent directors earn positive and substantial abnormal returns when they purchase theirExpand
What drives merger waves
Aggregate merger waves could be due to market timing or to clustering of industry shocks for which mergers facilitate change to the new environment. This study finds that economic, regulatory orExpand
On Persistence in Mutual Fund Performance
Using a sample free of survivor bias, the author demonstrates that common factors in stock returns and investment expenses almost completely explain persistence in equity mutual funds' mean andExpand
Performance Pay and Top Management Incentives
Our estimates of the pay-performance relation (including pay, options, stockholdings, and dismissal) for chief executive officers indicate that CEO wealth changes $3.25 for every $1,000 change inExpand
Do Managerial Objectives Drive Bad Acquisitions?
This paper documents for a sample of 327 US acquisitions between 1975 and 1987 three forces that systematically reduce the announcement day return of bidding firms. The returns to biddingExpand