Publication Type
PhD Dissertation
Version
publishedVersion
Publication Date
1-2018
Abstract
This dissertation has three essays in corporate finance. In the first chapter, We investigate whether a CEO’s experience with mergers matter when her firm becomes a takeover target? We find that shareholders receive higher premiums when their CEO has experience. The evidence suggests this is due to learning rather than innate skills or selection. Consistent with superior negotiation of salient features of takeover offers, experienced target CEOs obtain either safer cash payments or higher premiums as the fraction of cash in the offer decreases. These benefits do not come at the cost of other contractual concessions or inefficiencies in takeover negotiations. Overall, the results suggest that M&A experience is valuable when the CEO’s firm becomes a takeover target.
Keywords
Mergers and acquisitions, CEO experience, Board connections, Information leakage
Degree Awarded
PhD in Business (Finance)
Discipline
Corporate Finance
Supervisor(s)
FU, Fangjian
Publisher
Singapore Management University
City or Country
Singapore
Citation
KANG, Mengyao.
Three essays on corporate finance. (2018).
Available at: https://ink.library.smu.edu.sg/etd_coll/170
Copyright Owner and License
Author
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.