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Gill, Andrej; Visnjic, Nikolai - 2013

This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...

Persistent link: https://www.econbiz.de/10010225758

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

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

Valuation of company merger from the shareholders' point of view

Toll, Christian; Hering, Thomas - In: Amfiteatru economic : an economic and business research … 19 (2017) 46, pp. 836-853

. To order the financial state of affairs after the merger, the current shareholders must revalue their stake in the merged … firm foundation. We assign a certain marginal quota to the shareholders representing the minimum share in the merged …

Persistent link: https://www.econbiz.de/10011791176

Corporate governance and the nature of takeover resistance

Carline, Nicholas F.; Linn, Scott C.; Yadav, Pradeep - 2014 - This version: March 23, 2014

employ 'harmful' resistance that is not perceived as being motivated by shareholders' interests. We find that harmful …

Persistent link: https://www.econbiz.de/10010337622

Does target CEO retention in acquisitions involving private equity acquirers harm target shareholders?

Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2012

for target shareholders because of the potential conflict of interest of the CEO, it is also possible that target … shareholders could benefit from CEO retention because it can increase the performance of the acquired firm and, consequently … harms shareholders in acquisitions involving private equity firms. In fact, we show that better performing target CEOs are …

Persistent link: https://www.econbiz.de/10009697733

Shareholder Litigation Rights and Corporate Acquisitions

Chung, Chune Young - 2020

We examine the effect of shareholder litigation rights on managers' acquisition decisions. Our experimental design exploits a U.S. Ninth Circuit Court of Appeals ruling on July 2, 1999 that resulted in a reduction in shareholder class actions. We find that, since the ruling, firms in Ninth...

Persistent link: https://www.econbiz.de/10012853276

Weak Governance by Informed Active Shareholders

Goldman, Eitan - 2020

Do informed shareholders who can influence corporate decisions improve governance? We demonstrate this may not be … shareholders to improve governance has its limits …

Persistent link: https://www.econbiz.de/10012855567

The Dark Side of Shareholder Litigation : Evidence from Corporate Takeovers

Chu, Yongqiang - 2020

Exploiting staggered adoption of the universal demand (UD) laws by 23 states between 1989 and 2005 that makes filing shareholder derivative litigations more difficult, we show that reduced litigation threats improve corporate takeover efficiency. Using a difference-in-differences approach, we...

Persistent link: https://www.econbiz.de/10012856265

Takeovers, Poison Pills and Protectionism in Comparative Corporate Governance

Hill, Jennifer G. - 2020

clear contrasts in approach, regarding the balance of power between shareholders and the board of directors, are evident …

Persistent link: https://www.econbiz.de/10012857505

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