Do target CEOs trade premiums for personal benefits?

Choice of acquisition form in Australia and the post‐takeover employment of target firm directors on the acquiring firm board

“…Much of this literature has focused on the shareholder wealth effects of managerial response to putative expressions of interest from potential acquirers. Our findings add to the evidence in Wulf (2004) and Qiu et al (2014) who show that target CEO retention is associated with lower takeover premiums. We document that the negative association between retention and premiums extends beyond the target firm CEO to other board members, and also influences the decision on how to structure the acquisition.…”

“…Martin and McConnell (1991) however find takeover hostility does not make a difference to the rate of CEO turnover, whilst Kini et al (2004) find takeover hostility increases the proportion of CEOs that are replaced. Similar results are documented in Wulf (2004) and Qiu et al (2014). Furthermore, consistent with CEOs acting in their own interest, they find evidence that CEOs are willing to trade off a lower premium in return for being offered a position with the bidding firm post-takeover.…”

“…Furthermore, consistent with CEOs acting in their own interest, they find evidence that CEOs are willing to trade off a lower premium in return for being offered a position with the bidding firm post-takeover. Similar results are documented in Wulf (2004) and Qiu et al (2014). Kennedy and Limmack (1996) examine CEO turnover after UK takeovers and find similar to the United States that CEO turnover is greater for poorly performing targets.…”

“…A number of prior studies present evidence consistent with the managerial welfare hypothesis and show that target firm CEOs trade off premiums in return for a board seat post-acquisition (Wulf, 2004 andQiu et al, 2014). The Australian evidence in Bugeja et al (2009) however shows director appointments to the merged entity board are unrelated to takeover premiums.…”

Effect of metal-doped VPO catalysts for the aldol condensation of acetic acid and formaldehyde to acrylic acid

“…Acrylic acid, which is an important raw material and resin monomer for organic synthesis, is widely used in the construction industry, textile industry, packaging products, sanitary materials, etc. [1][2][3][4][5] The methods to produce acrylic acid include cyanoethanol hydrolysis (alcoholysis), 6 acetylene carbonylation, [7][8][9][10][11] acrylonitrile hydrolysis, 12 and propylene oxidation. [13][14][15][16] Among them, the propylene oxidation technology has long been established and is widely used by companies in various countries.…”