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Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures
Comment, Robert - 2008
poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both … unconditionally and conditional on a successful takeover, and we provide updated event-study evidence for the three-quarters of all …
Persistent link: https://www.econbiz.de/10012774568
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Monetary Policy and Asset Valuation
Bianchi, Francesco - 2016
The U.S. economy is characterized by large, longer term regime shifts in asset values relative to macroeconomic fundamentals. These movements coincide with shifts in the real federal funds rate in excess of a measure of the natural rate of interest, and in equity market return premia. We specify...
Persistent link: https://www.econbiz.de/10012984111
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Bailouts, the Incentive to Manage Risk, and Financial Crises
Panageas, Stavros - 2010
's debtholders to bail out the firm as bankruptcy looms. Because of this implicit guarantee, firm shareholders have an incentive to …
Persistent link: https://www.econbiz.de/10013152555
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Governance and Comovement Under Common Ownership
Edmans, Alex - 2014
This paper studies the corporate governance and asset pricing implications of investors owning blocks in multiple firms. Common wisdom is that multi-firm ownership weakens governance because the blockholder is spread too thinly. We show that this need not be the case. In a single-firm benchmark,...
Persistent link: https://www.econbiz.de/10013048056
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Foreign Equity Investment Restrictions and Shareholder Wealth Maximization
Wasserfallen, Walter; Stulz, René M. - 2022
This paper provides a theory of foreign equity investment restrictions. In a setting where the demand function for domestic shares differs between domestic and foreign investors, domestic entrepreneurs can maximize firm value by discriminating between domestic and foreign investors. The...
Persistent link: https://www.econbiz.de/10013292462
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Inside the Mind of a Stock Market Crash
Giglio, Stefano - 2020
We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We surveyed retail investors who are clients of Vanguard at...
Persistent link: https://www.econbiz.de/10012832459
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Target Revaluation after Failed Takeover Attempts – Cash Versus Stock
Malmendier, Ulrike - 2012
Cash- and stock-financed takeover bids induce strikingly different target revaluations. We exploit detailed data on … unsuccessful takeover bids between 1980 and 2008, and show that targets of cash offers are revalued on average by +15% after deal … longer horizons. We find no evidence that future takeover activities or operational changes explain these differences. While …
Persistent link: https://www.econbiz.de/10013104060
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Takeover Bids Below the Expected Value of Minority Shares
Bebchuk, Lucian A. - 2008
Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …
Persistent link: https://www.econbiz.de/10012774564
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the …
Persistent link: https://www.econbiz.de/10012774941
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Investor Sentiment and Corporate Finance : Micro and Macro
Lamont, Owen A. - 2006
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that...
Persistent link: https://www.econbiz.de/10012783338