haku: @author Daley, L. / yhteensä: 2
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| Tekijä: | Subramaniam, C. Daley, L. |
| Otsikko: | Free cash flow, golden parachutes, and the discipline of takeover activity |
| Lehti: | Journal of Business Finance and Accounting
2000 : JAN/MAR, VOL. 27:1/2, p. 1-36 |
| Asiasana: | ACCOUNTING CASH FLOW MERGERS |
| Kieli: | eng |
| Tiivistelmä: | The authors conjecture that golden parachutes are initiated when the agency cost of free cash flow is most severe. The authors examine the relation between golden parachutes and investment levels in firms that have been successfully acquired. The results support the three conclusions. Target firms overinvest prior to an acquisition when golden parachutes are present. The acquirers of targets with golden parachutes reduce investment subsequent to the takeover. |
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