Stock option grants to target ceos during private merger negotiations
Journal of Financial Economics JFEForthcoming.
Unscheduled stock options to target CEOs are a non-trivial phenomenon during private merger negotiations. These options substitute for golden parachutes and compensate target CEOs for benefits they forfeit because of the merger. Targets granting unscheduled options are more likely to be acquired but they earn lower premiums. Conversely, acquirers of targets offering these awards experience higher returns.
Therefore, deals involving unscheduled grants exhibit a transfer of wealth from target shareholders to bidder shareholders. LeBow College of Business Market Street — 11th Floor Philadelphia, PA Phone. LeBow College of Business Philadelphia, PA United States Phone Fax. American Finance Association Meetings AFA.
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Stock Option Grants to Target CEOs During Private Merger Negotiations | Drexel LeBow
Tran Cass Business School, City University London. Abstract Unscheduled stock options to target 24hr binary options demos are a non-trivial phenomenon during private merger negotiations.
Fich Contact Author Drexel University - Department of Finance email LeBow College of Business Market Street — 11th Floor Philadelphia, PA Phone. Jie Cai Drexel University email LeBow College of Business Philadelphia, PA United States Phone Fax HOME PAGE: Not Available for Download.
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