Acquisition premiums, CEO power, and the financial crisis

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dc.creator Fralich, Russell
dc.creator Wang, Xuan
dc.creator England, Allyson
dc.date.accessioned 2019-06-04T12:27:09Z
dc.date.available 2019-06-04T12:27:09Z
dc.date.issued 2014
dc.identifier http://library2.smu.ca/bitstream/handle/01/28851/asb_proceedings_2014.pdf?sequence=1&isAllowed=y#page=217
dc.identifier.uri http://library2.smu.ca/handle/01/28870
dc.description.abstract What happens to acquisition price premiums when a powerful bidder CEO confronts a powerful CEO of the target firm? We examine the effect of relative power relationships between the CEOs of the bidder and target firms to explain acquisition overpayment. Our results point to separate sources of power for the acquirer and target CEOs that affect premiums. Acquirer CEOs use power derived from their social networks to improve their ability to judge post-crisis acquisition quality, streamline board decision-making, and reduce premiums. However, target CEOs use only their hierarchical power to reinforce their negotiation stance, driving premiums higher. en_CA
dc.description.provenance Submitted by Hansel Cook (hansel.cook@smu.ca) on 2019-06-04T12:27:09Z No. of bitstreams: 1 asb_proceedings_2014.pdf: 7314968 bytes, checksum: 96a2102db4b321431f167bd2f611b328 (MD5) en
dc.description.provenance Made available in DSpace on 2019-06-04T12:27:09Z (GMT). No. of bitstreams: 1 asb_proceedings_2014.pdf: 7314968 bytes, checksum: 96a2102db4b321431f167bd2f611b328 (MD5) Previous issue date: 2014 en
dc.language.iso en en_CA
dc.publisher Atlantic Schools of Business en_CA
dc.subject.lcsh Consolidation and merger of corporations
dc.subject.lcsh Chief executive officers
dc.subject.lcsh Power (Social sciences)
dc.title Acquisition premiums, CEO power, and the financial crisis en_CA
dc.type Text en_CA
dcterms.bibliographicCitation Proceedings of the 44th Atlantic Schools of Business conference, Mount Saint Vincent University, 2014, pp 217-231
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