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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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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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What Do Boards Really Do? Evidence from Minutes of Board Meetings
Schwartz-Ziv, Miriam - 2011
We analyze a unique database from a sample of real-world boardrooms - minutes of board meetings and board-committee meetings of eleven business companies for which the Israeli government holds a substantial equity interest. We use these data to evaluate the underlying assumptions and predictions...
Persistent link: https://www.econbiz.de/10013119600
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Throwing Good Money after Bad? Board Connections and Conflicts in Bank Lending
Kroszner, Randall - 2001
This paper investigates the frequency of connections between banks and non-financial firms through board linkages and whether those connections affect lending and borrowing behavior. Although a board linkages may reduce the costs of information flows between the lender and borrower, a board...
Persistent link: https://www.econbiz.de/10012787534
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Busy Directors : Strategic Interaction and Monitoring Synergies
Ljungqvist, Alexander - 2017
We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their co-directors' choices and to experience positive or negative monitoring synergies across firms....
Persistent link: https://www.econbiz.de/10012946482
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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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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