|
|
|
|
||||
|
||||
What's in it for Me? Personal Benefits Obtained by CEOS Whose Firms are AcquiredJay C. HartzellUniversity of Texas at Austin - Department of Finance Eli OfekNew York University (NYU) - Department of Finance David YermackNYU 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.
Number of Pages in PDF File: 32 Keywords: Takeovers, acquisitions JEL Classification: G34, J44 working papers seriesDate posted: July 24, 2000Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo7 in 0.797 seconds
