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Cited by 395

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CEO Turnover after Acquisitions: Are Bad Bidders Fired?

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LEHN, KENNETH M., ZHAO, MENGXIN·2006·The Journal of Finance
DOI 10.1111/j.1540-6261.2006.00889.x
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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.

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Metadata

Authors
LEHN, K. M., & ZHAO, M.
Venue
The Journal of Finance
Publisher
Wiley
Published
2006-08
Volume
61
Issue
4
Pages
1759-1811
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2006.00889.x
OpenAlex
W3122973831
Cited by
395
References
0
FWCI
55.30
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: CEO Turnover after Acquisitions: Are Bad Bidders Fired? https://app.cochat.ai/papers/10.1111/j.1540-6261.2006.00889.x
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LEHN, K. M., & ZHAO, M. (2006). CEO Turnover after Acquisitions: Are Bad Bidders Fired? The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2006.00889.x

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.