The Impact of Market Optimism and CEO Pay Disparity on Takeover Premium and Bidder Performance: Australian Evidence
Access Status
Open access
Authors
Luong, Hoa Anh Thi
Date
2018Supervisor
John Evans
Type
Thesis
Award
PhD
Metadata
Show full item recordFaculty
Business and Law
School
Accounting
Collection
Abstract
The study explains the impact of market optimism and CEO pay disparity on takeover premium and bidder performance in Australia. The study finds that acquiring firms offer higher premiums when takeover deals are conducted in high market optimism or by CEOs with high pay disparity. The study suggests that bidder announcement returns can be explained by market sentiment, whereas CEO pay disparity and target selection are the possible explanation for bidder long-term performance.
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Luong, Hoa; Evans, John; Duong, Lien (2018)This paper analyses the influence of market optimism and CEO relative compensation on takeover premiums and bidder performance. Consistent with the US and UK studies, the findings reveal that bid premiums are significantly ...