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How Do CEOs Matter? The Effect of Industry Expertise on Acquisition Returns

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  1. Sawssen Khlifi & Ghazi Zouari, 2021. "The Impact of CEO Overconfidence on Real Earnings Management: Evidence from M&A Transactions," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 20(3), pages 402-424, September.
  2. Gokkaya, Sinan & Liu, Xi & Stulz, René M., 2023. "Do firms with specialized M&A staff make better acquisitions?," Journal of Financial Economics, Elsevier, vol. 147(1), pages 75-105.
  3. Alexandridis, George & Chen, Zhong & Zeng, Yeqin, 2021. "Financial hedging and corporate investment," Journal of Corporate Finance, Elsevier, vol. 67(C).
  4. Campbell, Robert J. & Limbach, Peter & Reusche, Johannes, 2022. "Once bitten, twice shy: Failed deals and subsequent M&A cautiousness," CFR Working Papers 22-09, University of Cologne, Centre for Financial Research (CFR).
  5. Jens Hagendorff & Sonya Lim & Duc Duy Nguyen, 2023. "Lender Trust and Bank Loan Contracts," Management Science, INFORMS, vol. 69(3), pages 1758-1779, March.
  6. Guoli Chen & Sterling Huang & Philipp Meyer‐Doyle & Denisa Mindruta, 2021. "Generalist versus specialist CEOs and acquisitions: Two‐sided matching and the impact of CEO characteristics on firm outcomes," Strategic Management Journal, Wiley Blackwell, vol. 42(6), pages 1184-1214, June.
  7. Upadhyay, Arun, 2023. "Rising board gender diversity and incentives of female directors," Journal of Corporate Finance, Elsevier, vol. 80(C).
  8. Ferracuti, Elia, 2022. "Information uncertainty and organizational design," Journal of Accounting and Economics, Elsevier, vol. 74(1).
  9. Fich, Eliezer M. & Nguyen, Tu, 2020. "The value of CEOs' supply chain experience: Evidence from mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 60(C).
  10. Ahmed, Yousry & Elshandidy, Tamer, 2016. "The effect of bidder conservatism on M&A decisions: Text-based evidence from US 10-K filings," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 176-190.
  11. Stephen Hansen & Tejas Ramdas & Raffaella Sadun & Joe Fuller, 2021. "The Demand for Executive Skills," NBER Working Papers 28959, National Bureau of Economic Research, Inc.
  12. Zhe Li & Oksana Pryshchepa & Bo Wang, 2023. "Financial experts on the top management team: Do they reduce investment inefficiency?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(1-2), pages 198-235, January.
  13. Dong, Feng & Doukas, John, 2021. "The effect of managers on M&As," Journal of Corporate Finance, Elsevier, vol. 68(C).
  14. Delis, Manthos D & Iosifidi, Maria & Kazakis, Pantelis, 2017. "Management as the sine qua non for M&A success," MPRA Paper 81283, University Library of Munich, Germany.
  15. Haider, Imran & Singh, Harjinder & Sultana, Nigar, 2021. "Managerial ability and accounting conservatism," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(1).
  16. Berg, Tatjana & Horsch, Philipp & Schmid, Markus, 2015. "Sharing a Director with a Peer," Working Papers on Finance 1507, University of St. Gallen, School of Finance.
  17. Kim, Hyemin & Fahlenbrach, Rüdiger & Low, Angie, 2023. "CEO networks and the labor market for directors," Journal of Empirical Finance, Elsevier, vol. 70(C), pages 1-21.
  18. Limbach, Peter & Sonnenburg, Florian, 2014. "CEO fitness and firm value," CFR Working Papers 14-12 [rev.], University of Cologne, Centre for Financial Research (CFR).
  19. Betzer, André & Ibel, Maximilian & Lee, Hye Seung & Limbach, Peter & Salas, Jesus M., 2016. "Are generalists beneficial to corporate shareholders? Evidence from sudden deaths," CFR Working Papers 16-12, University of Cologne, Centre for Financial Research (CFR).
  20. Adams, Renée & Keloharju, Matti & Knüpfer, Samuli, 2018. "Are CEOs born leaders? Lessons from traits of a million individuals," Journal of Financial Economics, Elsevier, vol. 130(2), pages 392-408.
  21. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
  22. Gordon M. Bodnar & Erasmo Giambona & John R. Graham & Campbell R. Harvey, 2019. "A View Inside Corporate Risk Management," Management Science, INFORMS, vol. 65(11), pages 5001-5026, November.
  23. Custódio, Cláudia & Mendes, Diogo & Metzger, Daniel, 2020. "The Impact of Financial Education of Managers on Medium and Large Enterprises - A Randomized Controlled Trial in Mozambique," CEPR Discussion Papers 15294, C.E.P.R. Discussion Papers.
  24. Kun Li & Chaohua He & Wassim Dbouk & Ke Zhao, 2021. "The Value of CSR in Acquisitions: Evidence from China," Sustainability, MDPI, vol. 13(7), pages 1-21, March.
  25. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Other publications TiSEM 9baa3ffc-67cb-4647-9da5-a, Tilburg University, School of Economics and Management.
  26. André Betzer & Maximilian Ibel & Hye Seung (Grace) Lee & Peter Limbach & Jesus M. Salas, 2017. "Are Generalists Beneficial to Corporate Shareholders? Evidence from Sudden Deaths," Schumpeter Discussion Papers SDP16009, Universitätsbibliothek Wuppertal, University Library.
  27. Yang, Chenlin & Xia, Xinping & Li, Yuguo & Zhao, Yufang & Liu, Shuang, 2021. "CEO financial career and corporate innovation: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 81-102.
  28. Baghdadi, Ghasan A. & Safiullah, Md & Heyden, Mariano L.M., 2023. "Do gender diverse boards enhance managerial ability?," Journal of Corporate Finance, Elsevier, vol. 79(C).
  29. Serfling, Matthew A., 2014. "CEO age and the riskiness of corporate policies," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 251-273.
  30. Jie Gao & Huiying Wu & Jiaxing You & Meg Smith, 2021. "Migrant entrepreneurs and firm innovation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(5), pages 6069-6112, December.
  31. Gounopoulos, Dimitrios & Pham, Hang, 2018. "Specialist CEOs and IPO survival," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 217-243.
  32. Xu, Yan & Xu, Nianhang & Chan, Kam C. & Li, Zhe, 2021. "Generalists vs. specialists: Who are better acquirers?," Journal of Corporate Finance, Elsevier, vol. 67(C).
  33. Vincent J. Intintoli & Kathleen M. Kahle, 2016. "Cash Holdings and CEO Turnover," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 6(04), pages 1-39, December.
  34. Alexander Muravyev & Oleksandr Talavera & Charlie Weir, 2016. "Performance effects of appointing other firms’ executive directors to corporate boards: an analysis of UK firms," Review of Quantitative Finance and Accounting, Springer, vol. 46(1), pages 25-45, January.
  35. Keloharju, Matti & Knüpfer, Samuli & Tåg, Joacim, 2020. "CEO Health," Working Paper Series 1326, Research Institute of Industrial Economics, revised 30 May 2022.
  36. Chen, Sheng-Syan & Lin, Chih-Yen, 2018. "Managerial ability and acquirer returns," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 171-182.
  37. Li, Yafei & Mbanyele, William & Sun, Jinping, 2022. "Managerial R&D hands-on experience, state ownership, and corporate innovation," China Economic Review, Elsevier, vol. 72(C).
  38. Delis, Manthos D. & Iosifidi, Maria & Kazakis, Pantelis & Ongena, Steven & Tsionas, Mike G., 2022. "Management practices and M&A success," Journal of Banking & Finance, Elsevier, vol. 134(C).
  39. Golubov, Andrey & Yawson, Alfred & Zhang, Huizhong, 2015. "Extraordinary acquirers," Journal of Financial Economics, Elsevier, vol. 116(2), pages 314-330.
  40. Jaspersen, Stefan & Limbach, Peter, 2020. "Screening Discrimination in Financial Markets: Evidence from CEO-Fund Manager Dyads," CFR Working Papers 17-02, University of Cologne, Centre for Financial Research (CFR), revised 2020.
  41. Cheung, Kwok Tong Samuel & Naidu, Dharmendra & Navissi, Farshid & Ranjeeni, Kumari, 2017. "Valuing talent: Do CEOs' ability and discretion unambiguously increase firm performance," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 15-35.
  42. Stein, Luke C.D. & Zhao, Hong, 2019. "Independent executive directors: How distraction affects their advisory and monitoring roles," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 199-223.
  43. Byun, SeongK. & Fuller, Kathleen & Lin, Zhilu, 2021. "The costs and benefits associated with inventor CEOs," Journal of Corporate Finance, Elsevier, vol. 71(C).
  44. Limbach, Peter & Sonnenburg, Florian, 2015. "Does CEO fitness matter?," CFR Working Papers 14-12 [rev.3], University of Cologne, Centre for Financial Research (CFR).
  45. Martin Bugeja & Zoltan Matolcsy & Wassila Mehdi & Helen Spiropoulos, 2017. "Is non-executive directors’ pay or industry expertise related to takeover premiums, abnormal returns and offer price revisions?," Australian Journal of Management, Australian School of Business, vol. 42(3), pages 355-375, August.
  46. Daniel Sungyeon Kim & Hong Kee Sul, 2021. "Diversity Matters: A Study on the Relationship between Board Career Diversity and Firm Performance," Sustainability, MDPI, vol. 13(17), pages 1-24, August.
  47. Laurence Ales & Antonio Andres Bellofatto & Jessie Jiaxu Wang, 2017. "Taxing Atlas: Executive Compensation, Firm Size and Their Impact on Optimal Top Income Tax Rates," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 26, pages 62-90, October.
  48. Ferris, Stephen P. & Sainani, Sushil, 2021. "Do CFOs matter? Evidence from the M&A process," Journal of Corporate Finance, Elsevier, vol. 67(C).
  49. Blank, D. Brian & Hadley, Brandy, 2021. "When CEOs adapt: An investigation of manager experience, policy and performance following recessions," Journal of Corporate Finance, Elsevier, vol. 71(C).
  50. Yang Zhang, 2018. "Corporate Governance Effects on Risk Management and Shareholder Wealth: The Case of Mergers and Acquisitions," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 4-2018.
  51. Fan Zhang & Joseph T. L. Ooi, 2022. "CEO's age and acquisition behaviors of REITs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(4), pages 1107-1140, December.
  52. Huang, Zhen & Gao, Weiwei, 2022. "The effects of formal and informal CEO power on debt policy persistence," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
  53. Aktas, Nihat & Boone, Audra & Croci, Ettore & Signori, Andrea, 2021. "Reductions in CEO career horizons and corporate policies," Journal of Corporate Finance, Elsevier, vol. 66(C).
  54. Jurich, Stephen N. & Walker, M. Mark, 2022. "Initiating contact in merger negotiations: Who leads and who follows?," Journal of Economics and Business, Elsevier, vol. 119(C).
  55. Morten Grindaker & Andreas R. Kostøl & Kasper Roszbach, 2021. "Executive Labor Market Frictions, Corporate Bankruptcy and CEO Careers," Working Paper 2021/15, Norges Bank.
  56. Islam, Emdad & Zein, Jason, 2020. "Inventor CEOs," Journal of Financial Economics, Elsevier, vol. 135(2), pages 505-527.
  57. Hu, Conghui & Liu, Yu-Jane, 2015. "Valuing diversity: CEOs' career experiences and corporate investment," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 11-31.
  58. Antoinette Schoar & Kelvin Yeung & Luo Zuo, 2020. "The Effect of Managers on Systematic Risk," NBER Working Papers 27487, National Bureau of Economic Research, Inc.
  59. Tobias Heizer & Laura R. Rettig, 2020. "Top management team optimism and its influence on firms' financing and investment decisions," Review of Financial Economics, John Wiley & Sons, vol. 38(4), pages 601-622, October.
  60. Mario Fischer, 2015. "Challenging the payment effect in bank-financed takeovers," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 26(4), pages 347-376, October.
  61. Fischer, Mario, 2017. "The source of financing in mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 227-239.
  62. Bradley, Daniel & Gokkaya, Sinan & Liu, Xi & Xie, Fei, 2017. "Are all analysts created equal? Industry expertise and monitoring effectiveness of financial analysts," Journal of Accounting and Economics, Elsevier, vol. 63(2), pages 179-206.
  63. Wagner, Alexander F. & Filipović, Zoran, 2019. "The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune," CEPR Discussion Papers 13560, C.E.P.R. Discussion Papers.
  64. Ecer, C. Fuat J. & Trautmann, Stefan T., 2020. "Done Deal! Advisor impact on Pricing, Premia, Returns, and Deal Completion in M&A," Other publications TiSEM 3cbae916-147a-4039-b753-b, Tilburg University, School of Economics and Management.
  65. Azizjon Alimov, 2021. "Does product market competition discipline managers? Evidence from exogenous trade shock and corporate acquisitions," Working Papers 2021-ACF-05, IESEG School of Management.
  66. Hoitash, Udi & Mkrtchyan, Anahit, 2022. "Internal governance and outside directors’ connections to non-director executives," Journal of Accounting and Economics, Elsevier, vol. 73(1).
  67. Claudia Custodio & Diogo Mendes & Daniel Metzger, 2021. "The impact of financial education of executives on financial practices of medium and large enterprises," NOVAFRICA Working Paper Series wp2105, Universidade Nova de Lisboa, Nova School of Business and Economics, NOVAFRICA.
  68. Amore, Mario Daniele & Bennedsen, Morten & Larsen, Birthe & Rosenbaum, Philip, 2019. "CEO education and corporate environmental footprint," Journal of Environmental Economics and Management, Elsevier, vol. 94(C), pages 254-273.
  69. Field, Laura Casares & Mkrtchyan, Anahit, 2017. "The effect of director experience on acquisition performance," Journal of Financial Economics, Elsevier, vol. 123(3), pages 488-511.
  70. Zhaozhao He & Han Yu & Lijing Du, 2020. "Cohabitation before marriage: do prior alliances enhance post-merger performance?," Review of Quantitative Finance and Accounting, Springer, vol. 54(4), pages 1315-1349, May.
  71. Zoran Filipovic & Alexander F. Wagner, 2019. "The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune," Post-Print hal-04079915, HAL.
  72. Adams, Renée B. & Ragunathan, Vanitha & Tumarkin, Robert, 2021. "Death by committee? An analysis of corporate board (sub-) committees," Journal of Financial Economics, Elsevier, vol. 141(3), pages 1119-1146.
  73. Custódio, Cláudia & Metzger, Daniel, 2014. "Financial expert CEOs: CEO׳s work experience and firm׳s financial policies," Journal of Financial Economics, Elsevier, vol. 114(1), pages 125-154.
  74. Etienne Redor, 2016. "Board attributes and shareholder wealth in mergers and acquisitions: a survey of the literature," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 789-821, December.
  75. Mamun, Abdullah & Tannous, George & Zhang, Sicong, 2021. "Do regulatory bank mergers improve operating performance?," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 152-174.
  76. Qifeng Zhao & Qianfeng Luo & Long Wang & Wenyin Chen, 2023. "Are Inventors Better CEOs? Evidence from China," Review of Economic Assessment, Anser Press, vol. 2(1), pages 1-24, April.
  77. Yeh, Yin-Hua & Liao, Chen-Chieh, 2021. "The impact of market and industry risk on family succession," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
  78. Alexander Muravyev & Oleksandr Talavera & Charlie Weir, 2016. "Performance effects of appointing other firms’ executive directors to corporate boards: an analysis of UK firms," Review of Quantitative Finance and Accounting, Springer, vol. 46(1), pages 25-45, January.
  79. Limbach, Peter & Schmid, Markus & Scholz, Meik, 2015. "Do CEOs Matter? Corporate Performance and the CEO Life Cycle," Working Papers on Finance 1511, University of St. Gallen, School of Finance, revised Apr 2016.
  80. Roszaini Haniffa & Mohammad Hudaib & Tasawar Nawaz, 2022. "The Value of Social Capital for the Success of SPAC IPOs," IJFS, MDPI, vol. 10(2), pages 1-15, May.
  81. Brochet, Francois & Limbach, Peter & Schmid, Markus M. & Scholz-Daneshgari, Meik, 2019. "CEO tenure and firm value," CFR Working Papers 16-11, University of Cologne, Centre for Financial Research (CFR), revised 2019.
  82. Shu-Cing Peng, 2022. "Does U.S. CEO connectedness in China matter? Evidence from Chinese import penetration," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 1051-1094, October.
  83. Limbach, Peter & Sonnenburg, Florian, 2014. "CEO fitness and firm value," CFR Working Papers 14-12, University of Cologne, Centre for Financial Research (CFR).
  84. Kang, Jun-Koo & Liu, Wei-Lin & Low, Angie & Zhang, Le, 2018. "Friendly boards and innovation," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 1-25.
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