Canadian Evidence on Market for Corporate Control: Its Disciplinary Role on Ineficient Managers
نویسندگان
چکیده
This study suggests the Canadian market for corporate control penalizes sub-optimal management. High turnover rates are observed for the Canadian top managers (Chief Executive Officers (CEOs) or presidents) in the target firms and executives who have been replaced are less likely to find similar executive positions in other public firms. In addition, this study shows target firms usually have poor pre-acquisition performance and they experience positive market reaction following takeover announcements.
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تاریخ انتشار 2005