search query: @author Hubbard, G. / total: 9
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| Author: | Hubbard, G. Palia, D. |
| Title: | Benefits of control, managerial ownership, and the stock returns of acquiring firms |
| Journal: | RAND Journal of Economics
1995 : WINTER, VOL. 26:4, p. 782-792 |
| Index terms: | ECONOMICS CONTROL MANAGEMENT |
| Language: | eng |
| Abstract: | This article examines how the benefits to managers of corporate control affect the relationship between managerial ownership and the stock returns of acquiring firms. At low levels of managerial ownership, agency costs of equity reduce acquirer returns. At high levels of managerial ownership, managers enjoy nonassignable private benefits of control that they would lose if they sold their ownership stake. These benefits of control are increasing in the managerial ownership stake, claim the authors. |
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