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Managerial Control Benefits and Takeover Market Efficiency

Wang, Wenyu - 2019

How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this … dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …

Persistent link: https://www.econbiz.de/10012898784

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

The Governance Transfer of Blockholders : Evidence from Block Acquisitions and Earnings Management around the World

Dai, Lili - 2017

We examine the governance transfer effect of corporate blockholders in a sample of 892 block acquisitions across 42 countries from 1990 to 2008. Using earnings management as a proxy for corporate governance outcome, we find that target firms' earnings management is aligned with that of block...

Persistent link: https://www.econbiz.de/10012974044

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

Lin, Lauren Yu-Hsin - 2017

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

Takeover Defenses : Entrenchment and Efficiency

Bhojraj, Sanjeev - 2014

This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using multiple … research designs, we find that long-term focused (innovative) firms benefit from takeover protection. We also find that the …

Persistent link: https://www.econbiz.de/10013049867

What Determines the Acquirers’ Location Preferences and Ownership Outcomes? An Empirical Study of East and Southeast Asian Markets

Dang, Man - 2016

with a takeover wave following the 1997-1998 Asian financial crisis, it is found that good corporate governance of a target …-border bidders. The findings also support the idea that the post-takeover integration process in cross-border takeovers is likely to …

Persistent link: https://www.econbiz.de/10013000754

Controlling Shareholder Stock Pledge, Aggravated Expropriation and Corporate Acquisitions

Yan, Siyuan - 2020

We examine the effects of controlling shareholder stock pledge on corporate acquisition decisions and associated performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers, but these acquisitions conducted by pledging firms...

Persistent link: https://www.econbiz.de/10012832661

Does the Mandatory Bid Rule Add Value to Target Shareholders?

Eswar, Sapnoti - 2019

participate in a takeover transaction at equal terms – affects target announcement returns. I use a difference …

Persistent link: https://www.econbiz.de/10012904998

Global Ownership and Corporate Control Networks

Rungi, Armando - 2019

. Among others, we detect a strong concentration of corporate power, as less than 1% of parent companies collect more than 100 …

Persistent link: https://www.econbiz.de/10012901128

Chapter 12 Corporate Law and Governance

Becht, Marco; Bolton, Patrick; Röell, Ailsa - In: Handbook of law and economics : volume 2, (pp. 829-943). 2007

This chapter surveys the theoretical and empirical research on the main mechanisms of corporate law and governance, discusses the main legal and regulatory institutions in different countries, and examines the comparative governance literature. Corporate governance is concerned with the...

Persistent link: https://www.econbiz.de/10014023498