CEO turnover after acquisitions: Are bad bidders fired?

Journal of Finance

Volumn 61, Issue 4, 2006, Pages 1759-1811

  Lehn, Kenneth M ^a   Zhao, Mengxin ^b  

^a UNIVERSITY OF PITTSBURGH   (United States)

^b BENTLEY COLLEGE   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33746788174     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2006.00889.x     Document Type: Article

References (37)

1. Andrade, George, Mark Mitchell, and Erik Stafford, 2001, New evidence and perspectives on mergers, Journal of Economic Perspectives 15, 103-120.
2. Associated Press, 2003, Case to resign, calls AOL Time Warner merger a "disappointment," January 12.
3. Berle, Adolf A., and Gardiner C. Means, 1932, The Modern Corporation and Private Property (Macmillan, New York).
4. Blackwell, David W., James A. Brickley, and Michael S. Weisbach, 1994, Accounting information and internal evaluation: Evidence from Texan banks, Journal of Accounting and Economics 17, 331-359.
5. Brickley, James A., Jeffrey L. Coles, and Gregg Jarrell, 1997, Leadership structure: Separating the CEO and chairman of the board, Journal of Corporate Finance 7, 43-66.
6. Coughlan, Anne T., and Ronald M. Schmidt, 1985, Executive compensation, management turnover, and firm performance: An empirical investigation, Journal of Accounting and Economics 7, 43-66.
7. Cox, David. R., 1972, Regression models and life tables, Journal of the Royal Statistical Society, Series B (Methodology) 34, 187-202.
8. Demsetz, Harold, and Kenneth Lehn, 1985, The structure of corporate ownership: Causes and consequences, Journal of Political Economy 93, 1155-1177.
9. Denis, David J., Diane K. Denis, and A. Sarin, 1997, Ownership structure and top executive turnover, Journal of Financial, Economics 45, 193-221.
10. Dow Jones Business News, 2003, Case plans to step down as AOL Time Warner chairman, January 12.
11. Fama, Eugene, and Michael Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 26, 301-325.
12. Franks, Julian, Robert Harris, and Sheridan Titman, 1991, Postmerger share-price performance of acquiring firms, Journal of Financial Economics 29, 81-96
13. Gibbons, Robert S., and Kevin J. Murphy, 1990, Relative performance evaluation for chief executive officers, Industrial and Labor Relations Review 43, 30S-51S.
14. Goyal, Vidhan K., and Chul W. Park, 2002, Board leadership structure and CEO turnover, Journal of Corporate Finance 8, 49-66.
15. Hadlock, Charles, Joel Houston, and Michael Ryngaert, 1999, The role of managerial incentives in bank acquisitions, Journal of Banking & Finance 23, 221-249.
16. Harford, Jarrad, 2003, Takeover bids and target directors' incentives: Retention, experience and settling-up, Journal of Financial Economics 69, 51-83.
17. Hermalin, Benjamin E., and Michael S. Weisbach, 1988, The determinants of board composition, Rand Journal of Economics 19, 589-606.
18. Holmstrom, Bengt, and Steven N. Kaplan, 2001, Corporate governance and merger activity in the U.S.: Making sense of the 1980s and 1990s, Journal of Economic. Perspectives 15, 121-144.
19. Hoover's Online, 2003, AOL Time Warner is learning that bigger isn't necessarily better, July 8.
20. Jensen, Michael C., 1993, The modern industry revolution, exit, and the failure of internal control systems, Journal of Finance 48, 831-880.
21. Kang, Jun-Koo, and Anil Shivdasani, 1995, Firm performance, corporate governance, and top executive turnover in Japan, Journal of Financial Economics 38, 29-58.
22. Kini, Omesh, William A. Kracaw, and Shehzad Mian, 1995, Corporate takeovers, firm performance and board composition, Journal of Corporate Finance 1, 383-412.
23. Lehn, Kenneth, Sukesh Patro, and Mengxin Zhao, 2004, Determinants of the size and structure of corporate boards: 1935-2000, Working paper, University of Pittsburgh.
24. Martin, Kenneth J., and John J. McConnell, 1991, Corporate performance, corporate takeovers, and management turnover, Journal of Finance 46, 671-687.
25. Mayers, David, Anil Shivdasani, and Clifford W. Smith, Jr. 1997, Board composition and corporate control: Evidence from the insurance industry, Journal of Business 70, 33-61.
26. Mitchell, Mark L., and Kenneth Lehn, 1990, Do bad bidders become good targets? Journal of Political Economy 98, 372-398.
27. Moeller, Sara B., Frederik P. Schlingemann, and René M. Stulz, 2005, Wealth destruction on a massive scale: A study of acquiring firm returns in the merger wave of the late 1990s, Journal of Finance, 60, 757-782.
28. Mørck, Randall, Andrei Shleifer, and Robert W. Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293-315.
29. Murphy, Kevin J., and Jerold L. Zimmerman, 1993, Financial performance surrounding CEO Turnover, Journal of Accounting and Economics 16, 273-315.
30. Pagano, Marco, Fabio Panetta, and Luigi Zingales, 1998, Why do companies go public? An empirical analysis, Journal of Finance 53, 27-64.
31. Parrino, Robert, 1997, CEO turnover and outside succession: A cross-sectional analysis, Journal of Financial Economics 46, 165-197.
32. Servaes, Henri, 1991, Tobin's Q and the gains from takeovers, Journal of Finance 46, 409-419.
33. Shleifer, Andrei, and Robert W. Vishny, 2003, Stock market driven acquisitions, Journal of Financial Economics 70, 295-311.
34. Shumway, Tyler, 2001, Forecasting bankruptcy more accurately: A simple hazard model, Journal of Business 74, 101-124.
35. Warner, Jerold B., Ross L. Watts, and Karen H. Wruck, 1988, Stock prices and top management changes, Journal of Financial Economics 20, 461-492.
36. Weisbach, Michael S., 1988, Outside directors and CEO turnover, Journal of Financial Economics 20, 431-460.
37. Yermack, David, 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics 40, 185-211.