Board Connections, Director Retention and Takeovers

Hao Li; Edward Jones

Board Connections, Director Retention and Takeovers

Research output: Contribution to conference › Paper › peer-review

Abstract

The purpose of this paper is to examine the impact of board connection and retention on takeover characteristics. Using UK data from 1999-2015, we document that board connection when a takeover is announced and target board retention after the deal is completed are related with various takeover characteristics. More specifically, board connection and retention leads to a lower final offer price change and lower cash payment. We also find that board connection is positively related with the probability of target director retention.

Original language	English
Publication status	Unpublished - 2016
Event	British Accounting and Finance Association Annual Conference 2016 - University of Bath, Bath, United Kingdom Duration: 21 Mar 2016 → 23 Mar 2016

Conference

Conference	British Accounting and Finance Association Annual Conference 2016
Abbreviated title	BAFA 2016
Country/Territory	United Kingdom
City	Bath
Period	21/03/16 → 23/03/16

Cite this

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title = "Board Connections, Director Retention and Takeovers",

abstract = "The purpose of this paper is to examine the impact of board connection and retention on takeover characteristics. Using UK data from 1999-2015, we document that board connection when a takeover is announced and target board retention after the deal is completed are related with various takeover characteristics. More specifically, board connection and retention leads to a lower final offer price change and lower cash payment. We also find that board connection is positively related with the probability of target director retention. ",

author = "Hao Li and Edward Jones",

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note = "British Accounting and Finance Association Annual Conference 2016, BAFA 2016 ; Conference date: 21-03-2016 Through 23-03-2016",

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AB - The purpose of this paper is to examine the impact of board connection and retention on takeover characteristics. Using UK data from 1999-2015, we document that board connection when a takeover is announced and target board retention after the deal is completed are related with various takeover characteristics. More specifically, board connection and retention leads to a lower final offer price change and lower cash payment. We also find that board connection is positively related with the probability of target director retention.

M3 - Paper

T2 - British Accounting and Finance Association Annual Conference 2016

Y2 - 21 March 2016 through 23 March 2016

ER -

Board Connections, Director Retention and Takeovers

Abstract

Conference

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