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Whether the European Union's Takeover Directive should have adopted a mandatory neutrality rule has been the subject of …-Directive assessment have failed to consider the core lesson of takeover defences in the United States, namely that the construction of … of takeover defences, or undermine the extent to which they can be potently deployed, then the adoption or rejection of …
Persistent link: https://www.econbiz.de/10013127859
corporate takeover threat, this paper examines how a disciplinary market for corporate control affects accounting conservatism … shareholder protection and in those experiencing larger growth in takeover activity. Further analysis reveals that elevated … takeover threats increase conservatism through changes in capital structure and investment decisions as well as improvements in …
Persistent link: https://www.econbiz.de/10012909840
This paper studies the role of activist investors in the M&A market. Our theory proposes that activist investors have an inherent advantage relative to bidders in pressuring entrenched incumbents to sell. As counterparties to the acquisition, bidders have a fundamental conflict of interests with...
Persistent link: https://www.econbiz.de/10012937295
corporate takeover threat, this paper examines how a disciplinary market for corporate control affects accounting conservatism … shareholder protection and in those experiencing larger growth in takeover activity. Further analysis reveals that elevated … takeover threats increase conservatism through changes in capital structure and investment decisions as well as improvements in …
Persistent link: https://www.econbiz.de/10012869479
This paper examines how disclosures regarding internal controls, required by Sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (SOX), affect the market for corporate control. We hypothesize that acquirers with internal control weaknesses (ICWs) make suboptimal acquisition decisions based on...
Persistent link: https://www.econbiz.de/10012968596
In this study, we raise the question of why bidders from high investor protection countries tend to make acquisitions in less protective countries. To answer this question, we use a sample of 462 cross-border and domestic acquisitions by Canadian bidders. Our results reveal that Canadian bidders...
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