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1、BonnEconDiscussionPapersDiscussionPaper02/2014MergerPerformanceandManagerialIncentivesbyMatthiasKräkelandDanielMüllerNovember2014BonnGraduateSchoolofEconomicsDepartmentofEconomicsUniversityofBonnKaiserstrasse1D-53113BonnFinancialsupportbytheDeutscheForsc
2、hungsgemeinschaft(DFG)throughtheBonnGraduateSchoolofEconomics(BGSE)isgratefullyacknowledged.DeutschePostWorldNetisasponsoroftheBGSE.MergerPerformanceandManagerialIncentivesM∗†ATTHIASKRÄKELANDDANIELMÜLLERNovember17,2014Weconsideratwo-stageprincipal-agentm
3、odelwithlimitedliabilityinwhichaCEOisemployedasagenttogatherinformationaboutsuitablemergertargetsandtomanagethemergedcorporationincaseofanacquisition.OurresultsshowthattheCEOsystemati-callyrecommendstargetswithlowsynergiesevenwhentargetswithhighsynergies
4、areavailabletoobtainhigh-poweredincentivesand,hence,ahighpersonalincomeatthemerger-managementstage.JELclassification:D82;D86;G34Keywords:acquisition;merger;moralhazard∗UniversityofBonn,DepartmentofEconomics,InstituteforAppliedMicroeconomics,Adenauerallee2
5、4-42,D-53113Bonn,Germany,E-mailaddress:m.kraekel@uni-bonn.de,Tel:+49-228-739211;Fax:+49-228-739210†UniversityofBonn,DepartmentofEconomics,InstituteforAppliedMicroeconomics,Adenauerallee24-42,D-53113Bonn,Germany,E-mailaddress:daniel.mueller@uni-bonn.de,Te
6、l:+49-228-739212,Fax:+49-228-739210.11.INTRODUCTIONOnMay07,1998,theDaimler-BenzAGandtheChryslerCorporationmergedintotheDaimlerChryslerAG,oneoftheworld’sbiggestcarmanufacturerswith442,000employeesandamarketvalueofabout$100billion.TheformerDaimlerChiefExec
7、utiveOfficer(CEO),JürgenSchrempp,promisedhugesynergysavingsindistribution,productdesign,andresearch&development.Leadingnewspaperswerelessoptimistic.Onthedayfollowingthemerger,theNewYorkTimesstatedthat"atanewsconferenceheldheretoproclaimthebiggestindustria
8、lmarriageinhistory,neithercompanycouldexplainindetailwherebillionsofdollarsinsavingsfromreducedexpenseswouldcomefrom"(Andrews1998).In2001,thesefearswereconfirmedbytheactualcourseofeventsthemarketvalueofDaimlerChryslershrank
