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How does the Market for Corporate Control Impact Tax Avoidance? Evidence from International M&A Laws

Hu, Jinshuai; Li, Siqi; Shevlin, Terry J. - 2021

corporate tax planning. Exploiting the staggered enactment of M&A laws across countries that increased the threat of takeover as … avoidance following the takeover law passage. Our analysis suggests that reduced management private benefits consumption (i … strategies, is the likely mechanism through which takeover laws impact tax avoidance. Collectively, our findings extend the …

Persistent link: https://www.econbiz.de/10013220207

Does Board Gender Diversity Matter? Evidence From Hostile Takeover Vulnerability

Chatjuthamard, Pattanaporn; Jiraporn, Pornsit; Lee, … - 2021

mechanism, may substitute for internal governance. Consistent with this notion, using a novel measure of takeover vulnerability … primarily based on state legislation, we investigate the effect of the takeover market on board characteristics with special … emphasis on board gender diversity.Design/methodology/approach – We exploit a novel measure of takeover vulnerability based on …

Persistent link: https://www.econbiz.de/10013239732

Staggered Boards, Unequal Voting Rights, Poison Pills and Innovation Intensity : New Evidence from the Asian Markets

Mbanyele, William - 2021

This study examines the impact of staggered boards, poison pills, and unequal voting rights on corporate innovation intensity using a sample of listed firms in six Asian countries from 2010-2017. We analyze the differential effects of antitakeover provisions using the high order fixed effects...

Persistent link: https://www.econbiz.de/10013249988

Conflicting fiduciary duties and fire sales of VC-backed start-ups

Bian, Bo; Li, Yingxiang; Nigro, Casimiro A. - 2022

This paper studies the interactions between corporate law and VC exits by acquisitions, an increasingly common source of VC-related litigation. We find that transactions by VC funds under liquidity pressure are characterized by (i) a substantially lower sale price; (ii) a greater probability of...

Persistent link: https://www.econbiz.de/10013279443

The Origins of the Market for Corporate Control

Armour, John - 2015

-for-share exchange tender offers were used to make takeover bids as early as 1901, and cash tender offers can be traced back to at least …

Persistent link: https://www.econbiz.de/10013035075

Do Antitakeover Provisions Harm Shareholders?

Straska, Miroslava - 2010

document that firms with characteristics indicating low power to bargain for favorable terms in a takeover, but also indicating …

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

Should Shareholders Have a Say on Acquisitions?

Becht, Marco; Polo, Andrea; Rossi, Stefano - 2021

Shareholders of U.S. corporations have lost billions of dollars in acquisitions they never approved. In the United Kingdom the listing rules give shareholders a binding say when targets are large relative to acquirers. A transatlantic comparison suggests that if U.S. shareholders had a say on...

Persistent link: https://www.econbiz.de/10013243113

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

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

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