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Do Envious CEOs Cause Merger Waves?
Resource type
Authors/contributors
- Goel, Anand M. (Author)
- Thakor, Anjan V. (Author)
Title
Do Envious CEOs Cause Merger Waves?
Abstract
We develop a theory which shows that merger waves can arise even when the shocks that precipitated the initial mergers in the wave are idiosyncratic. The analysis predicts that the earlier acquisitions produce higher bidder returns, involve smaller targets, and result in higher compensation gains for the acquirer's top management team than the later acquisitions in the wave. We find strong empirical support for these predictions. The model also generates additional predictions, some of which remain to be tested.
Publication
Review of Financial Studies
Volume
23
Issue
2
Pages
487-517
Date
2010
Citation
Goel, A. M., & Thakor, A. V. (2010). Do Envious CEOs Cause Merger Waves? Review of Financial Studies, 23, 487–517.
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