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acquired and acquiring acquired companies Acquired sales acquirer's Acquisitions Monthly adjustment announcement effects Centre for Economic CEO compensation CEPR Discussion Paper ceteris paribus changes compensation and firm contemporaneous determinants of executive divestment Economic Policy Research Email equation estimator examined executive compensation executive pay executive remuneration executives concerned Existing Empirical Evidence external first-differenced further Discussion Papers Furthermore highest paid director hostile acquisitions hostile transactions impact of mergers impact on shareholder instruments internal growth large unbalanced panel managerial managers Mean Std merger activity merger impact mergers and acquisitions mergers on executive negative non-acquiring Paul Klemperer pay determination pay effects Peter Wright possible endogeneity post-acquisition post-merger profitability pure merger remuneration committee reported result risk aversion Rosen sales variable sample Sargan sensitive to internal shareholder wealth shocks Sourafel Girma Steve Thompson Subscription Table Technology Shocks UK companies UK empirical University of Leicester University of Nottingham wealth effects YES YES YES