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What's in it for Me? Personal Benefits Obtained by CEOS Whose Firms are Acquired
Jay C. Hartzell University of Texas at Austin - Department of Finance Eli Ofek New York University - Department of Finance David Yermack New York University - Stern School of Business June 2000 Presented at Tuck-JFE Contemporary Corporate Governance Conference Abstract: We study benefits received by target company CEOs in completed mergers and acquisitions. These executives obtain wealth increases with a median of $4 to $5 million and a mean of $8 to $11 million, roughly in line with the permanent income streams that they sacrifice. CEOs receive lower financial gains from those transactions in which they become executives of the buyer, suggesting that tradeoffs exist between the financial and career-related benefits they extract. Regression estimates suggest that target shareholders receive lower acquisition premia in transactions that involve extraordinary personal treatment of the CEO.
Keywords: Takeovers, acquisitions JEL Classifications: G34, J44 Working Paper SeriesDate posted: July 24, 2000 ; Last revised: October 10, 2000Suggested CitationContact Information
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