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Chapter 6. Law and Finance After a Decade of Research

La Porta, Rafael; Lopez-de-Silanes, Florencio; … - 2013

In the last dozen years, economists have produced a considerable body of research suggesting that the historical origin of a country’s laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. Much of this research has dealt with rules...

Persistent link: https://www.econbiz.de/10014025558

It's My Stock and I'll Vote If I Want To : Conflicted Voting by Shareholders in (Hostile) M&A Deals

Gatti, Matteo - 2017

Persistent link: https://www.econbiz.de/10012969942

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

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

Takeovers, Poison Pills and Protectionism in Comparative Corporate Governance

Hill, Jennifer G. - 2020

discusses the rise of takeovers and takeover defences in the United States. Against this backdrop, it examines recent … European Takeover Bid Directive, which Professor Hopt has described as “sobering”, in view of the large number of members … continued in discussion of takeovers and takeover defences in relation to two major Asian economies, Japan and China. As the …

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

Do Appraisal Challenges Benefit Target Shareholders Through Narrowing Arbitrage Spread?

Jetley, Gaurav - 2019

There is an on-going debate regarding the extent to which the increased appraisal litigation in Delaware Chancery courts is beneficial from a public policy perspective. Boone et al. (2019) documents that, compared to deals without appraisal challenges, deals subject to appraisal challenges have...

Persistent link: https://www.econbiz.de/10012862322

The Vanke-Baoneng Case and Beyond : Hostile Takeover and Corporate Governance in China

Kang, Sang Yop - 2020

This draft explores the takeover war between Vanke (target) and Baoneng Group (bidder) and related issues on hostile … the Vanke case and the hostile takeover regime in China. Part III summarizes the draft and concludes …

Persistent link: https://www.econbiz.de/10012849008

Oligarchs, Foreign Powers and the Oppressed Minority : Regulating Corporate Control in Latin America

Berdejó, Carlos - 2019

Corporate law and governance scholarship has traditionally focused on understanding the agency costs that result from unresolved conflicts of interest between shareholders and management. This agency problem becomes trivial when corporate ownership is concentrated, as is the case in many...

Persistent link: https://www.econbiz.de/10012871106

Information Conduit or Agency Cost : Top Management and Director Interlock between Acquirers and Targets

Wu, Qingqing - 2017

This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and...

Persistent link: https://www.econbiz.de/10012975768