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How Managerial Ownership and the Market for Corporate Control Can Improve Investment Timing

Guthrie, Graeme - 2020

empire-building CEOs. The prospect of a future takeover means that CEOs with no ownership stake will over-invest in some …'s position in a hostile takeover induce raiders to launch friendly takeovers sooner. The increased takeover threat induces CEOs … takeover gains are high. Optimal ownership-generated incentives and the market for corporate control add more value after …

Persistent link: https://www.econbiz.de/10012835406

Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

Hubbard, R. Glenn - 2008

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...

Persistent link: https://www.econbiz.de/10012774941

Controlling Controlling-Minority Shareholders : Corporate Governance and Leveraged Corporate Control

Lin, Lauren Yu-Hsin - 2017

Persistent link: https://www.econbiz.de/10012958396

Ownership Structure, Corporate Governance, and Bilateral Political Relations : Evidence from Chinese Cross-Border Mergers

Zhang, Wenjia - 2017

This paper examines the relation between firm ownership structure, bilateral political relations and firm performance using a sample of 219 cross-border mergers conducted by Chinese listed companies from 2000 to 2013. First, we find that government-affiliated bidder abnormal returns do not...

Persistent link: https://www.econbiz.de/10012961965

Institutional Cross-Ownership and Corporate Strategy : The Case of Mergers and Acquisitions

Brooks, Chris - 2019

This article provides new evidence on the important role of institutional investors in affecting corporate strategy. Institutional cross-ownership between two firms not only increases the probability of them merging, but also affects the outcomes of mergers and acquisitions (M&As). Institutional...

Persistent link: https://www.econbiz.de/10012903520

Geographic Concentration of Institutional Investors and the Market for Corporate Control

Huang, Jiekun - 2019

shareholders experience significantly higher abnormal returns around the takeover announcement. In a similar vein, acquirer firms …

Persistent link: https://www.econbiz.de/10012905918

Corporate Blockholders and Financial Leverage

Bui, Thuy - 2018

This research investigates the relationship between corporate block ownership and firm financial leverage. Corporate blockholders, which are nonfinancial firms who hold more than five percent equity in a target industrial firm, can affect the target firm's policies through their business...

Persistent link: https://www.econbiz.de/10012911552

Does Short-Maturity Debt Discipline Managers? Evidence from Cash-Rich Firms' Acquisition Decisions

Huang, Qianqian - 2019

We study the disciplinary role of short-maturity debt in cash-rich firms. We report evidence that such debt mitigates cash-rich firms' overinvestment in acquisitions. The disciplinary role is mostly concentrated among cash-rich firms that are weakly governed and have limited access to the public...

Persistent link: https://www.econbiz.de/10012889432

How Does Private Firm Innovation Affect Anti-Takeover Provisions in Corporate Charters? Evidence from Firms Going Public

Chemmanur, Thomas J. - 2019

Using data on anti-takeover provisions (ATPs) and top management characteristics hand-collected from IPO prospectuses …

Persistent link: https://www.econbiz.de/10012897332

Does Short-Maturity Debt Discipline Managers? Evidence from Cash-Rich Firms' Acquisition Decisions

Huang, Qianqian - 2019

Persistent link: https://www.econbiz.de/10012897875