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    Fortune Favors the Bold

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    Author
    Meneghetti, Costanza
    Williams, Ryan
    Affiliation
    Univ Arizona, Eller Coll Management
    Issue Date
    2017-06-15
    
    Metadata
    Show full item record
    Publisher
    CAMBRIDGE UNIV PRESS
    Citation
    Fortune Favors the Bold 2017, 52 (03):895 Journal of Financial and Quantitative Analysis
    Journal
    Journal of Financial and Quantitative Analysis
    Rights
    Copyright © Michael G. Foster School of Business, University of Washington 2017.
    Collection Information
    This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.
    Abstract
    We investigate whether incentives to join the Fortune 500 affect corporate decisions. Firms closer to the cutoff appear to take actions to join the list by engaging in more mergers and acquisitions activity, bidding for larger targets, and paying higher takeover premia. Further, the relation is stronger for firms with more-entrenched chief executive officers, and the stock market reaction to bids is worse when bidders are close to the Fortune 500's cutoff. A 1994 methodological change by Fortune acts as an exogenous shock for identification. Our results suggest that firms try to increase revenues to join the Fortune 500 but that such actions adversely affect shareholders.
    Note
    12 month embargo; Published online: 15 June 2017
    ISSN
    0022-1090
    1756-6916
    DOI
    10.1017/S0022109017000308
    Version
    Final published version
    Sponsors
    Center for the Economic Analysis of Risk (CEAR) at Georgia State University; Stephen Smith Fellowship
    Additional Links
    https://www.cambridge.org/core/product/identifier/S0022109017000308/type/journal_article
    ae974a485f413a2113503eed53cd6c53
    10.1017/S0022109017000308
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