TY  - BOOK
AU  - Chan,Winson
AU  - Emanuel,David
TI  - Board governance and acquirers’ returns: a study of Australian acquisitions
SN  - 03128962
AV  - HD31 AUS 
PY  - 2011///
CY  - Los Angeles
PB  - Sage
KW  - Takeover
KW  - Capital income
KW  - Corporate governance
KW  - Australia
N2  - This paper examines the relation between acquirer (abnormal) returns and governance characteristics of the board of directors of the acquiring firm. The central question is: Are higher (acquirer) abnormal returns associated with ‘better’ board governance, having controlled for other factors that can affect returns? As acquisitions represent a significant change in the acquirer’s corporate structure and operations, the determinants of a successful acquisition are of considerable importance. We examine the relation between returns and governance variables using a sample of 80 Australian acquisitions that occurred between 1999 and 2005. We use both short-run and long-run (abnormal) returns to capture the wealth effects of the acquisitions. We find very limited evidence of a connection between our governance variables and acquirer returns
UR  - https://doi.org/10.1177/0312896210394499
ER  -