Merger decisions and executive stock ownership in acquiring firms

Loderer, Claudio; Rosenfeld, Ahron; Lewellen, Wilbur (1985). Merger decisions and executive stock ownership in acquiring firms. Journal of Accounting and Economics, 7(1-3), pp. 209-231. Elsevier 10.1016/0165-4101(85)90038-2

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This study supports the proposition that managerial welfare affects merger decisions. The abnormal stock returns experienced by bidder firms, from the time of the announcement of a merger bid through the stockholder approval date, are positively relaterd to the percentage of own-company stock held by the senior management of the bidder. The results suggest that substantial amounts of own-company share ownership help align the interests of stockholders and management.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Financial Management

UniBE Contributor:

Loderer, Claudio and Rosenfeld, Ahron

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0165-4101

Publisher:

Elsevier

Language:

English

Submitter:

Karin Dolder

Date Deposited:

06 Feb 2014 09:44

Last Modified:

10 Aug 2015 10:01

Publisher DOI:

10.1016/0165-4101(85)90038-2

BORIS DOI:

10.7892/boris.39600

URI:

https://boris.unibe.ch/id/eprint/39600

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