代理(哲学)
业务
公司治理
价值(数学)
国家(计算机科学)
代理成本
财务
股东
算法
计算机科学
认识论
机器学习
哲学
作者
Feng Jiang,Yiming Qian,Scott E. Yonker
标识
DOI:10.1017/s002210901800131x
摘要
We show that chief executive officers (CEOs) exhibit a hometown bias in acquisitions. Firms are over twice as likely to acquire targets located in the states of their CEOs’ childhood homes than similar targets domiciled elsewhere. Small, private home-state deals underperform other small, private deals, and the bias is stronger when acquirer governance is lax, suggesting that CEOs acquire private home-state targets for their own benefits. In contrast, large, public home-state acquisitions are value enhancing. CEOs create value in public home-state acquisitions by avoiding extremely poor deals and through deals with higher synergies. Thus, both agency issues and hometown advantages drive home-state acquisitions.
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