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Shareholder Rights and Bidder Returns : The Impact of Market Learning and M&A Activity

Ahn, Seoungpil - 2016

I examine whether market learning and M&A activity affect the association between shareholder rights and acquisition performance. Using a sample of acquisitions completed in the period of 1990-2006, I find that the negative association between governance indices and bidder returns disappears in...

Persistent link: https://www.econbiz.de/10012980117

Impact of Classified Board on M&A Target Shareholder Value : Nurturing Innovation through Entrenchment

Kang, Shinwoo - 2018

We find that classified board in the M&A target firm is positively related to the target shareholder value, but only for firms with both intensive R&D investment and strong external governance. We also find that firms with classified board exhibit superior quality innovation when they have both...

Persistent link: https://www.econbiz.de/10012935021

Do Antitakeover Provisions Harm Shareholders?

Straska, Miroslava - 2010

We reexamine the negative relation between firm value and the number of antitakeover provisions a firm has in place. We document that firms with characteristics indicating low power to bargain for favorable terms in a takeover, but also indicating high potential agency costs, have more...

Persistent link: https://www.econbiz.de/10013145260

Conditional Returns to Shareholders of Bidding Firms : An Australian Study

Akhtar, Farida - 2013

This study examines the importance of the self-selection problem when evaluating returns to bidder firms around announcement events. Takeover announcements are not random because managers decide rationally whether to bid or not, this indicates announcements are timed; consequently, in the presence...

Persistent link: https://www.econbiz.de/10013077619

The Power to Decide on Takeovers : Directors or Shareholders, What Difference Does It Make?

Gatti, Matteo - 2014

I analyze the allocation of the power to decide on hostile takeovers between directors and shareholders. My contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors are traditionally considered to be in charge in deciding...

Persistent link: https://www.econbiz.de/10014153473

Accelerated Vesting in Takeovers : The Impact on Shareholder Wealth

Elkinawy, Susan - 2011

We study the impact of accelerated vesting of equity awards on takeovers, whereby the restricted stock and/or stock options of the target CEO immediately vest and become unrestricted upon the close of the acquisition. We find that takeover premiums are significantly larger when the target CEO...

Persistent link: https://www.econbiz.de/10013117248

Antitakeover Provisions and Shareholder Wealth : A Survey of the Literature

Straska, Miroslava - 2013

We survey theoretical and empirical research on antitakeover provisions, focusing on the relationship between antitakeover provisions and shareholder value. We divide the empirical studies based upon the evidence that they provide: short-term event studies, studies on performance and policy...

Persistent link: https://www.econbiz.de/10013090637

What is the shareholder wealth impact of target CEO retention in private equity deals?

Bargeron, Leonce; Schlingemann, Frederik P.; Zutter, Chad J. - 2017

There is a widespread belief among observers that a lower premium is paid when the target CEO is retained by the acquirer in a private equity deal because the CEO's potential conflicts of interest leads her to negotiate less aggressively on behalf of the target shareholders. Our empirical...

Persistent link: https://www.econbiz.de/10011963282

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

No News is Good News! Media Coverage and Corporate Takeover Characteristics

Nahidi, Narmin; Hirth, Stefan - 2022

The purpose of this study is to empirically examine the relation between a target firm’s media coverage (measured by … degree of media coverage, positive and negative media coverage) and various takeover characteristics. We find that media … coverage is negatively associated with the takeover premium. This holds for both positive and negative media coverage. Thus, no …

Persistent link: https://www.econbiz.de/10013492561

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