CEO Turnover after Acquisitions: Are Bad Bidders Fired?
研究1990-1998年间714起收购案例，发现收购方CEO在5年内被替换的概率为47%，且收购回报越低，CEO更替可能性越高，这一关系与治理结构无关。
ABSTRACT We examine the relation between bidder returns and the probability of chief executive officer (CEO) turnover in acquiring firms. Using a sample of 714 acquisitions during 1990 to 1998, we find that 47% of CEOs of acquiring firms are replaced within 5 years, including 27% by internal governance, 16% by takeovers, and 4% by bankruptcy. A significant inverse relation exists between bidder returns and the likelihood of CEO turnover. This relation is not associated with governance structure. It also is not significantly different in stock versus cash acquisitions, which appears to be inconsistent with Shleifer and Vishny's theory of “stock market driven” acquisitions.