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The effect of managers on M&As
Journal of Corporate Finance ( IF 5.107 ) Pub Date : 2021-03-23 , DOI: 10.1016/j.jcorpfin.2021.101934
Feng Dong , John Doukas

In this paper, we document diverse levels of managerial ability and firm performance in the cross section of acquiring firms. Acquirers with strong managerial ability realize higher announcement-period abnormal returns and experience better post-merger firm performance than their low-ability counterparts. Our results are robust to endogeneity concerns and show that the observed variation in acquirer abnormal returns is attributed to the heterogeneity of managerial ability fixed effects across acquirers. Managerial ability adds value to acquirers, especially in stock-financed acquisitions, implying that the method of payment is not driving the negative stock-financed valuation effect documented in previous literature. Moreover, we find that target firms with strongly ingrained growth potential and low levels of financial constraint and bankruptcy risk are highly favored by skilled acquiring managers.



中文翻译:

管理者对并购的影响

在本文中,我们记录了收购公司跨部门中不同水平的管理能力和公司绩效。具有较强管理能力的并购者与低能力的并购者相比,具有更高的公告期异常收益,并在合并后的公司中获得更好的业绩。我们的结果对内生性的关注是有力的,并且表明,购置者异常收益的观察到的变化归因于整个购置者管理能力固定效应的异质性。管理能力为收购方增加了价值,尤其是在以股票融资的收购中,这意味着付款方式并未驱动先前文献中记载的负面的股票融资估值效应。而且,

更新日期:2021-04-11
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