A model of management teams

Article Abstract:

The dynamics of management teams was analyzed using a simple model in which the time it takes to make decisions is linked to the size of the committee. The model takes into consideration the different aspects of the covariance matrix of the observational errors received by committee members which are relevant to the optimal size of the team. Empirical results showed that the optimal size of the management team decreases as the positive correlation between the managers' signals increases. On the other hand, a small negative correlation might result in the existence of large management teams due to complementarity.

Group Dynamics, Models, Human resource management, Work groups, Teamwork (Workplace), Interpersonal relations, Decision-making, Group, Group decision making, Management committees

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Postmerger performance, managerial superiority and the market for corporate control

Article Abstract:

The difference between the market and book value, or excess value, of both the acquiring and acquired firm is used to determine their postmerger performance. An empirical study shows that postmerger performance is inversely related to the acquiring firm's premerger performance while it is not correlated with the acquired firm's performance before the merger. Performance after merger is also found to have direct relationship with the internal and external conditions that prompted the merger and not entirely indicative of managerial superiority.

Research, Acquisitions and mergers, Corporate governance, Executive ability

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Tobin's Q, managerial ownership, and analyst coverage: a nonlinear simultaneous equations model

Article Abstract:

Analyst coverage and managerial ownership are seen to enhance the value of firms.

Economic aspects, Management research, Investment analysis, Securities analysis

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