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2014 | z. 71 | 109--127
Tytuł artykułu

Shareholder Wealth and CEO Turnovers - the Case of UniCredit

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Warianty tytułu
Dobrobyt stron zainteresowanych i obroty zarządu - przypadek banku UniKredit
Języki publikacji
Przedstawiony artykuł koncentruje się na odpowiedzi na pytanie, w jaki sposób uczestnicy rynku reagują i w jaki sposób ceny produktów są dostosowywane do sytuacji na rynku w wymiarze strategicznym. Analiza została wykonana na przykładzie włoskiego banku UniCredit, który jest zaangażowany we współpracę z wieloma innymi bankami. Badania zostały przeprowadzone na podstawie teorii agencyjnej i porównane z wcześniejszymi studiami.(abstrakt oryginalny)
This event study contributes to answering the question of how market participants (re-)act and how prices adjust to (information on) recent events of a strategic dimension. Focusing on the Italian bank UniCreditS.p.A., which has been involved in numerous M&As of European banks, such as the Polish Bank Pekao and the German HypoVereinsbank, we analyze the price movements of UniCredit shares caused by investors responding to the announcement of the resignation of the bank's CEO. Based on agency theory and mirrored by a review of prior empirical research, the study sheds new light on (the causes of) value effects of CEO turnover. (original abstract)
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Opis fizyczny
  • Freiberg University of Technology, Germany
  • Freiberg University of Technology, Germany
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