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Does mandatory shareholder voting prevent bad acquisitions?
Becht, Marco; Polo, Andrea; Rossi, Stefano - In: The review of financial studies 29 (2016) 11, pp. 3035-3067
Persistent link: https://www.econbiz.de/10011619990
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Does mandatory shareholder voting prevent bad acquisitions?
Becht, Marco; Polo, Andrea; Rossi, Stefano - 2015
Persistent link: https://www.econbiz.de/10010509446
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Stock Market Prices and the Market for Corporate Control
Armour, John - 2015
The manner in which hostile takeovers have historically been executed has just begun to receive serious academic attention. Similarly, while the literature on the accuracy and determinants of share prices is voluminous, there has been little systematic historical analysis of when and how modern...
Persistent link: https://www.econbiz.de/10013017336
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Minority Shareholders' Enforcement of Corporate Governance in Takeovers : An English Law Perspective on the Belgian Fortis Bank Case
Lee, Joseph - 2016
The Fortis Bank takeover court case demonstrates how shareholders' claims can make a merger and takeover case less … speedy and, indeed, more costly. The case also raises a number of legal issues relating to corporate governance in a takeover …-market efficiency and social-legal justice in intervening in a financial takeover. The case reveals the divergent views taken by the two …
Persistent link: https://www.econbiz.de/10012998313
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Mergers and the Evolution of Patterns of Corporate Ownership and Control : The British Experience
Cheffins, Brian R. - 2010
An intense academic debate has arisen recently concerning the crucial bedrock that underpins a corporate governance regime where widely-held public companies dominate. In the discourse, little has been said about the contribution of merger activity. The paper seeks to address this gap by...
Persistent link: https://www.econbiz.de/10014069991
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Shareholder Primacy and the Trajectory of UK Corporate Governance
Armour, John - 2011
Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors' duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...
Persistent link: https://www.econbiz.de/10013120335
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Does Shareholder Voting Matter? Evidence from the Takeover Market
Mason, Paul - 2018
Voting rights are a basic shareholder-protection mechanism. Outside of the core voting requirements state law imposes (election of directors and votes on fundamental changes), federal law grants shareholders additional voting rights. But these rights introduce concomitant costs into corporate...
Persistent link: https://www.econbiz.de/10012935492
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Shareholder Monitoring Through Voting : New Evidence from Proxy Contests
Brav, Alon; Jiang, Wei; Li, Tao; Pinnington, James - 2023
We present the first comprehensive study of mutual fund voting in proxy contests. Among contests where voting takes place, passive funds are ten percentage points less likely than active funds to vote for dissidents. The gap shrinks significantly when accounting for votes withheld from...
Persistent link: https://www.econbiz.de/10014255108
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The consequences to directors of deploying poison pills
Johnson, William C.; Karpoff, Jonathan M.; Wittry, … - 2019 - First complete draft: August 30, 2019
We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...
Persistent link: https://www.econbiz.de/10012120332
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Value creation in M&A transactions, conference calls, and shareholder protection
Fraunhoffer, Robert M.; Kim, Ho Young; Schiereck, Dirk - In: International Journal of Financial Studies : open … 6 (2018) 1, pp. 1-21
This study investigates whether conference calls accompanying M&A announcements in Europe provide valuable information for capital market participants and hence induce an abnormal stock price revaluation on the bidder’s equity. Based on handpicked data for transactions between 2008 and 2012 we...
Persistent link: https://www.econbiz.de/10011848217