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Passive shareholders as a takeover defense
Bodnaruk, Andrij; Gao, Pengjie; Östberg, Per; Yun, Hayong - 2011
more passive shareholders (lower ownership per non-institutional shareholder) are less likely to be takeover targets, less … likely to be acquired and command higher premiums. Using the adoption of anti-takeover law in Delaware as an exogenous shock … to anti-takeover protection, we show that the passiveness of shareholder base decreases as the takeover threat subsides …
Persistent link: https://www.econbiz.de/10009009605
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Ownership, Governance and US Securities Regulation : The Case for a 'Learning Regulator'
Pichhadze, Aviv - 2014
I examine whether the Securities and Exchange Commission (SEC) in the US is a learning organization (i.e., one that is capable of learning and adaptation to the dynamic nature of the securities markets – the subject of the SEC's regulatory oversight). Using the treatment of public corporate...
Persistent link: https://www.econbiz.de/10013068598
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Common ownership and the (non-)transparency of institutional shareholdings : an EU-US comparison
Steuer, Sebastian - 2022
This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the applicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data...
Persistent link: https://www.econbiz.de/10013288130
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Institutional ownership, earnings management and earnings surprises : evidence from 39 years of U.S. data
Davis, Justin G.; García Cestona, Miguel Angel - In: Journal of economics, finance & administrative science 28 (2023) 56, pp. 218-236
Purpose As the influence of institutional investors over managerial decision-making grows, so does the importance of understanding the effect of institutional investor ownership (IO) on firm outcomes. The authors take a comprehensive approach to studying the effect of IO on earnings management...
Persistent link: https://www.econbiz.de/10014506782
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Mavericks, Universal, and Common Owners - the Largest Shareholders of U.S. Public Firms
Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin - 2022
We construct a novel data set to show that, between 2003-2020, up to one-fifth of America’s largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of “universal” and...
Persistent link: https://www.econbiz.de/10014077008
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Mavericks, universal, and common owners : the largest shareholders of U.S. public firms
Amel-Zadeh, Amir; Kasperk, Fiona; Schmalz, Martin C. - 2022
We construct a novel data set to show that, between 2003-2020, up to one-fifth of America's largest firms had a non-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional investors. Measures of "universal" and...
Persistent link: https://www.econbiz.de/10013365123
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Common ownership and the (non-)transparency of institutional shareholdings: an EU-US comparison
Steuer, Sebastian - 2022
This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the ap-plicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data...
Persistent link: https://www.econbiz.de/10013402996
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Megamerger von Medienunternehmen : Stakeholder und Governance der Merger-Entscheidung
Lengen, Haiko van - 2004
geworden. Ein Höhepunkt dieser Entwicklung ist der Merger der amerikanischen Unternehmen America Online und Time Warner im Jahr … Erklärungsbeitrag lassen sich die Einflussmöglichkeiten und Interessen der an der Merger-Entscheidung beteiligten unternehmensinternen … und -externen Akteure (Stakeholder) identifizieren. Die detaillierte Betrachtung des Merger-Entscheidungsprozesses zeigt …
Persistent link: https://www.econbiz.de/10002094848
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U.S. Hedge Fund Activism
Partnoy, Frank - 2015
Notwithstanding the focus on hedge fund activism, fundamental questions remain. How much does hedge fund activism really matter? What has academic study contributed to the understanding of hedge fund activism? And what, if anything, does research on hedge fund activism illuminate about the...
Persistent link: https://www.econbiz.de/10013025518
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The future of corporate governance part I: the problem of twelve
Coates, John C. - 2018 - This draft: September 20, 2018
Three ongoing mega-trends are reshaping corporate governance: indexing, private equity, and globalization. These trends threaten to permanently entangle business with the state and create organizations controlled by a small number of individuals with unsurpassed power. The essay focuses on...
Persistent link: https://www.econbiz.de/10012040289