| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17663 |
| 来源ID | Working Paper 17663 |
| CEO Preferences and Acquisitions | |
| Dirk Jenter; Katharina Lewellen | |
| 发表日期 | 2011-12-15 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement date. Using retirement age as an instrument for CEOs' private merger costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover bid increases sharply when target CEOs reach age 65. The probability of a bid is close to 4% per year for target CEOs below age 65 but increases to 6% for the retirement-age group, a 50% increase in the odds of receiving a bid. This increase in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age. Moreover, observed takeover premiums and target announcement returns are significantly lower when target CEOs are older than 65, reinforcing the conclusion that retirement-age CEOs are more willing to accept takeover offers. These results suggest that the preferences of target CEOs have first-order effects on both bidder and target behavior. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w17663 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575338 |
| 推荐引用方式 GB/T 7714 | Dirk Jenter,Katharina Lewellen. CEO Preferences and Acquisitions. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17663.pdf（198KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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