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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012774941
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The Vote is Cast : The Effect of Corporate Governance on Shareholder Value
Cuñat, Vicente - 2010
This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S&P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A close-call vote around the majority threshold is akin to...
Persistent link: https://www.econbiz.de/10013135406
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Stock Pyramids, Cross-Ownership, and the Dual Class Equity : the Creation and Agency Costs of Seperating Control from Cash Flow Rights
Bebchuk, Lucian A. - 2010
This paper examines common arrangements for separating control from cash flow rights: stock pyramids, cross-ownership structures, and dual class equity structures. We describe the ways in which such arrangements enable a controlling shareholder or group to maintain a complete lock on the control...
Persistent link: https://www.econbiz.de/10012763575
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The Role of Advisory Services in Proxy Voting
Alexander, Cindy R. - 2009
This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...
Persistent link: https://www.econbiz.de/10013158027
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The Effect of Liquidity on Governance
Edmans, Alex - 2011
This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge funds as they are unconstrained by legal restrictions and business ties, and thus have all governance channels at their disposal. Since the threat of governance, not just actual...
Persistent link: https://www.econbiz.de/10013118841
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Legal Investor Protection and Takeovers
Burkart, Mike - 2011
-controlling investors. This, in turn, increases the acquirer's capacity to raise outside funds to finance the takeover. Absent effective … effective competition, the increased outside funding capacity makes it less likely that the takeover outcome is determined by … to create value. Accordingly, stronger legal investor protection can improve the efficiency of the takeover outcome …
Persistent link: https://www.econbiz.de/10013125583
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Why Firms Adopt Antitakeover Arrangements
Bebchuk, Lucian A. - 2009
Firms going public have increasingly been incorporating antitakeover provisions in their IPO charters, while shareholders of existing companies have increasingly been voting in opposition to such charter provisions. This paper identifies possible explanations for this empirical pattern....
Persistent link: https://www.econbiz.de/10012767698
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The Case Against Board Veto in Corporate Takeovers
Bebchuk, Lucian A. - 2009
hostile bidders to win a vote of shareholder support -- boards should not have veto power over takeover bids. The paper …
Persistent link: https://www.econbiz.de/10012767824
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Do All Networks Facilitate International Commerce? Us Law Firms and the International Market for Corporate Control
Evenett, Simon J. - 2021
This paper estimates the effects of several American law firms' international networks of offices on the total value of overseas mergers and acquisitions (M&A) by US corporations. Nowadays many nations can review proposed mergers and US law firms help clients overcome such regulatory hurdles,...
Persistent link: https://www.econbiz.de/10013226055
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Do Managerial Objectives Drive Bad Acquisitions?
Morck, Randall - 2013
This paper documents for a sample of 327 US acquisitions between 1975 and 1987 three forces that systematically reduce the announcement day return of bidding firms. The returns to bidding shareholders are lower when their firm diversifies, when it buys a rapidly growing target , and when the...
Persistent link: https://www.econbiz.de/10012753943