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
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<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