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.
|Publication status||Unpublished - 2016|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||British Accounting and Finance Association Annual Conference 2016|
|Abbreviated title||BAFA 2016|
|Period||21/03/16 → 23/03/16|