Top Brass Wheeling and Dealing in M&A Targets
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چکیده
We employ a unique sample of 220 top brass executives in 121 UK M&As 1997-2003 to investigate the wealth and employment gains of target CEOs and executive Chairmen. Chairmen are older and longer serving than CEOs and have double their equity exposure. Chairmen are prepared to sacrifice substantial cash gains but not shareholder premiums for future employment. CEOs are more concerned about financial gains and the tradeoff between gains and future employment for them depends on whether the buyer originates from the USA or the UK. Finally, both personal financial gains and shareholder premiums are significantly influenced by managerial power proxies such as board size and duality.
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