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Estimating Private Benefits of Control from Stock Price Changes Around the Announcement of Tender Offer Bid (TOB)
Suzuki, Kazunori - 2017
This research analyzes 262 cases of tender offer bid (TOB) in which the acquired companies were expected to remain listed after the deals, from among TOB deals conducted between 1990 and 2011, and estimates the value of private benefits of control in Japan based on the premiums paid relative to...
Persistent link: https://www.econbiz.de/10012941487
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Bidders' board structure and acquisition returns
Donnelly, Ray - In: International journal of corporate governance : IJCG 1 (2008/09) 3, pp. 315-335
Persistent link: https://www.econbiz.de/10003948498
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The Case for Dual-Class of Shares
Allaire, Yvan - 2019
The debate over whether dual class of shares increases or decreases share value, should be prohibited or not, should be subjected to mandatory sunset provisions, and so on has been heating up over the last few years. This paper reviews the pros and cons of dual class of shares in light of more...
Persistent link: https://www.econbiz.de/10012894600
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Firm Size, Sovereign Governance, and Value Creation : Evidence from the Acquirer Size Effect
Humphery-Jenner, Mark - 2014
takeover literature suggests that size can enable managerial entrenchment and value-destruction. However, in weak governance …
Persistent link: https://www.econbiz.de/10013068491
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Shareholder Wealth Maximization as Means to an End
Bartlett, Robert P. - 2015
In several recent cases, the Delaware Chancery Court has emphasized that where a conflict of interest exists between holders of a company's common stock and holders of its preferred stock, the standard of conduct for directors requires that they strive to maximize the value of the corporation...
Persistent link: https://www.econbiz.de/10013029752
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Board Directors With Foreign Experience and Stock Price Crash Risk : Evidence From China
Cao, Feng - 2018
This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including firm fixed effects model, Heckman procedure, instrumental variable...
Persistent link: https://www.econbiz.de/10012923944
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Board Governance and Investment Sensitivity to Stock Price : International Evidence
Driss, Hamdi - 2021
This paper examines the effect of board governance on investment efficiency. I use the staggered enactment of board reforms in 41 countries as a shock to board structure that exogenously improves the quality of board oversight of managers. I find that investment–Q sensitivity improves by...
Persistent link: https://www.econbiz.de/10013246189
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Outside Director Liability : German Stock Corporation Law in Transatlantic Perspective
Roth, Markus - 2010
The role of outside directors is one of the key features in the transatlantic corporate governance debate. As their importance rises, their liability is also attracting attention. Since there are only a few cases internationally in which outside directors of listed companies have been held...
Persistent link: https://www.econbiz.de/10013137966
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Do Classified Boards Deter Takeovers? Evidence from Merger Waves
John, Kose; Kadyrzhanova, Dalida; Lee, Sangho - 2021
We exploit the arrival of industry-wide synergistic merger waves to identify whether classifiedboards deter takeover … takeover likelihood is more pronounced during mergerwaves. Consistent with this prediction, we find that board classification … substantially reducesthe likelihood of receiving a takeover bid during merger waves, but has no meaningful effect onbid frequency in …
Persistent link: https://www.econbiz.de/10013247909
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The Market for Corporate Control and Stock Price Crash Risk, Revisited
Ni, Xiaoran; Wang, Ye (Emma); Yin, David - 2021
risk. Using a newly-developed takeover index from Cain, McKeon, and Solomon (2017) that comprehensively considers existing … state takeover laws, federal statutes, and state court standards of review along with a list of firm-specific and economic … variables, we find external takeover susceptibility reduces firms’ future stock price crash risk. This evidence is consistent …
Persistent link: https://www.econbiz.de/10013211482