Abstract

http://ssrn.com/abstract=10975
 
 

Citations



 


 



The Value-Maximizing Board


Robert H. Gertner


University of Chicago - Finance; National Bureau of Economic Research (NBER)

Steven N. Kaplan


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

December 1996


Abstract:     
This paper compares board and director characteristics of reverse leveraged buyout (LBO) firms controlled by LBO specialists to those of an industry- and size-matched comparison sample. We consider the boards of the reverse LBOs to be value-maximizing because of the strong incentives the LBO specialists have to structure those boards in a way that maximizes shareholder value. Relative to the comparison firms, we find that the boards of the reverse LBOs are smaller, control larger equity stakes, and meet less frequently. Relative to directors of the comparison firms, directors of the reverse LBOs are younger, have shorter tenures, are less likely to be women, and are at least as likely to serve on other boards.

JEL Classification: L29, M19

working papers series





Not Available For Download

Date posted: June 9, 1997  

Suggested Citation

Gertner, Robert H. and Kaplan, Steven N., The Value-Maximizing Board (December 1996). Available at SSRN: http://ssrn.com/abstract=10975

Contact Information

Robert H. Gertner
University of Chicago - Finance ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Steven Neil Kaplan (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-4513 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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