We survey theoretical and empirical research on antitakeover provisions, focusing on the relationship between antitakeover provisions and shareholder value. We divide the empirical studies based upon the evidence that they provide: short-term event studies, studies on performance and policy...

We study the value gains from takeovers of firms with poor acquisition histories. We document that the premium received by target shareholders is higher when the value loss from the targets' prior acquisitions is larger. However, the gains to target shareholders seem to be offset by losses to...

We examine the relations between recent board declassifications, takeover activity and takeover gains over the period 2003-2011. We report that firms that declassified their boards in the previous five years are more likely to be the target of a takeover than other firms. We also report that...

Conventional wisdom suggests that shareholder activism in REITs is less prevalent than in other (non-REIT) public firms because of stronger barriers to hostile takeovers and potentially less undervaluation. Our results, however, suggest that the conventional wisdom does not hold. Specifically,...

We reexamine the negative relation between firm value and the number of antitakeover provisions a firm has in place. We document that firms with characteristics indicating low power to bargain for favorable terms in a takeover, but also indicating high potential agency costs, have more...

We examine the relations between recent board declassifications, takeover activity and takeover gains over the period 2003-2014. We report that firms that declassified their boards in the previous five years are more likely to be the target of a takeover compared to firms that remain classified....

The triangle model of responsibility (Schlenker, Britt, Pennington, Murphy, and Doherty 1994) predicts that the extent that investors hold management responsible for an adverse event is jointly determined by the links among three elements—management, the adverse event, and the relevant...

Recent research finds that investors' assessments of a stock's fundamental value are influenced by CSR performance through the affect-as-information heuristic (Elliott et al. 2014). We extend prior research by examining two boundary conditions for the use of this heuristic: (1) whether the CSR...

Rice can potentially pose serious health risks due to its highly efficient arsenic (As) uptake. Sulfur (S) is not only an essential macronutrient, but it also has the ability to decrease As accumulation. In the present study, a hydroponic experiment was conducted to investigate the mechanisms...

We examine whether and how the exercising of rights by the regulatory minority shareholder impacts firms' cost of equity. Using a hand-collected sample from the CSISC, a novel regulatory investor protection institution controlled by the China Securities Regulatory Commission, we find that the...