Three essays on corporate finance Yen Teik LEE 10.25440/smu.12300968.v1 https://researchdata.smu.edu.sg/articles/thesis/Three_essays_on_corporate_finance/12300968 <table><tr> <td><p>This paper investigates the impact of social ties between the Chief Executive Officer (CEO) and board members on corporate risk-taking in mergers and acquisitions (M&As) and on shareholder value. Using a measure of CEO-director connections in a large sample of U.S. firms from 2000 to 2010, we document that boardroom connections lower firm acquisitiveness. If connected CEOs undertake M&As, they are less likely to choose focus acquisitions, and more likely to pay in stock. CEO-board connections do not enhance firm value in M&As. Higher levels of boardroom connection are associated with lower announcement returns and lower subsequent return on assets. Our results are robust to alternative explanations and various robustness checks.</p></td></tr></table><br><div><table><tr> <td><p>The dissertation comprises 3 papers, available at:</p><br> <p>1. <a href="https://ink.library.smu.edu.sg/lkcsb_research/5661" target="_blank">Social networks and risk taking: Evidence from corporate control activities</a> (2012) working paper</p><br> <p>2. <a href="https://ink.library.smu.edu.sg/lkcsb_research/5921/" target="_blank">Are bond ratings informative? Evidence from regulatory regime changes</a> (2018) working paper</p><br> <p><a href="https://ink.library.smu.edu.sg/lkcsb_research/5018" target="_blank">3. Governance and post-repurchase performance</a> (2016) Journal of Corporate Finance. 39, 155-173. </p></td></tr></table></div> 2020-05-14 09:50:51 corporate governance social networks mergers and acquisition corporate risk-taking credit rating agencies securities analysts Finance