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      The effect of tenure and age diversity in corporate boards on M&A premiums

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      HOSSAIN-THESIS-2021.pdf (1.314Mb)
      Corrected Version_27Sept2021.pdf (1.314Mb)
      Date
      2021-09-28
      Author
      Hossain, Forhad
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      Using a comparatively large sample of North American M&A transactions, I examine the effect of acquirer boards’ tenure and age diversities on M&A premium. Going against the general understanding of the value-enhancing contribution of board diversity in corporate boards, my finding concludes that both tenure and age diversity in acquirer corporate boards are associated with an increase in M&A premium. Also, boards with more tenure and age diversity are associated with taking longer time to complete M&A deals. Thus, my results suggest that certain types of diversity may be wealth-destroying, at least when it comes to corporate mergers. My results are backed by a battery of robustness and endogeneity tests.
      Degree
      Master of Science (M.Sc.)
      Department
      Finance
      Program
      Finance
      Supervisor
      Maung, Min; Wilson, Craig
      Committee
      Park, Han-Up; Yang, Fan; Racine, Marie
      Copyright Date
      September 2021
      URI
      https://hdl.handle.net/10388/13618
      Subject
      Corporate Boards
      Tenure Diversity
      Age Diversity
      M&A Premium
      M&A deal Completion Days
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      • Graduate Theses and Dissertations
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