Merger decisions and executive stock ownership in acquiring firms

Merger decisions and executive stock ownership in acquiring firms
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收购公司的合并决策和高管持股

DOI：
10.1016/0165-4101(85)90038-2
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发表时间：
1985
期刊：
影响因子：
--
通讯作者：
Ahron Rosenfeld
Ahron Rosenfeld
中科院分区：
--
文献类型：
--
作者：
Wilbur G. Lewellen;Claudio Loderer;Ahron Rosenfeld

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本研究支持管理者福利影响企业并购决策的观点。从并购公告日到股东批准日，并购公司的异常股票收益率与并购公司高管层持有本公司股票的比例呈正相关。结果表明，大量的自有公司股权有助于协调股东和管理层的利益。
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 related 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.