@techreport{WulfStubner,
  type      = {Working Paper},
  author    = {Torsten Wulf and Stephan Stubner},
  title     = {Executive departure following acquisitions in Germany},
  series    = {HHL Working Paper},
  number    = {84 (2008)},
  issn      = {1864-4562},
  url       = {https://nbn-resolving.org/urn:nbn:de:0217-hhlap840},
  pages     = {22, XVII},
  abstract  = {In this paper we analyze the relationship between executive departure in acquired companies and pre- as well as post-acquisition performance. Based on corporate control theory and human capital theory we derive hypotheses regarding this relationship and empirically test them using a sample of 44 German companies which were acquired between 1996 and 2004. The results of the study show that executive departure after an acquisition indeed constitutes a severe loss of human capital for a company, thus having a negative effect on post-acquisition performance. However, we could find no clear results to explain for a relationship between pre-acquisition success and executive departure.},
  language  = {en}
}