The impact of target CEO celebrity on M&A premiums
Volume: 37, Issue: 3, Pages: 268 - 282
Published: Aug 30, 2019
Abstract
We examine the influence of target‐CEO celebrity on the premium paid by bidders using information asymmetry, uncertainty, and resource‐based‐view perspectives. Studies suggest that CEOs and their firms can suffer from a “burden of celebrity” if they fail to meet heightened performance expectations. We hypothesize that bidders acquire targets led by celebrity CEOs (those who garner significant and widespread media attention) with lower premiums...
Paper Details
Title
The impact of target CEO celebrity on M&A premiums
Published Date
Aug 30, 2019
Volume
37
Issue
3
Pages
268 - 282
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