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Managerial incentives for undertaking exchange offers

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  • Yash P. Joshi
  • Anil K. Makhija

Abstract

This paper empirically examines management's motivation to convey information regarding firm value through exchange offers. We report a positive relation between stock price reactions to announcements of exchange offers and managerial stockholdings, and a weak negative relation with salary plus bonus. These findings are consistent with the incentives required for managers to signal firm value through exchange offer-induced leverage change.

Suggested Citation

  • Yash P. Joshi & Anil K. Makhija, 1994. "Managerial incentives for undertaking exchange offers," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 15(4), pages 369-381, July/Augu.
    • Handle: RePEc:wly:mgtdec:v:15:y:1994:i:4:p:369-381
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    File URL: http://hdl.handle.net/10.1002/mde.4090150410
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