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White knights and the corporate governance of hostile takeovers

Calcagno, Riccardo; Falconieri, Sonia - 2008

We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …

Persistent link: https://www.econbiz.de/10011377390

Corporate governance and the nature of takeover resistance

Carline, Nicholas F.; Linn, Scott C.; Yadav, Pradeep - 2014 - This version: March 23, 2014

We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to …

Persistent link: https://www.econbiz.de/10010337622

Private Equity, LBOs, and Corporate Governance : International Evidence

Siegel, Donald S. - 2011

We review the governance role of private equity (PE) firms in companies that have experienced an LBO. We conjecture that PE firms may provide powerful remedies to agency conflicts associated with public and private firms, such as managerial entrenchment and opportunism

Persistent link: https://www.econbiz.de/10013131653

Multiple Shareholders and Control Contests

Bloch, Francis - 2013

We consider the allocation of corporate control in a company with two large and a continuum of small shareholders. Control is determined in a shareholders' meeting, where the large shareholders submit competing proposals in order to attract the vote of small shareholders. The presence of...

Persistent link: https://www.econbiz.de/10013081207

Control Corporativo Y Riqueza De Los Accionistas En El Sector Eléctrico Europeo, 2000-2007 (Corporate Control and Shareholder Wealth in the European Power Sector 2000-2007)

Garcia, John - 2014

This paper analyzes how announce changes in the corporate control (takeover) of Endesa, Hidrocantábrico and Scottish … MCO models. Also, the results suggest the announcement of the launching of a takeover positively and significantly affects …

Persistent link: https://www.econbiz.de/10013066666

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

Blockholder Heterogeneity and Conflicts in Cross-Border Acquisitions

Chen, Victor Zitian - 2018

We investigate the principal-principal (PP) conflicts between large blockholders in the context of cross-border acquisitions (CBAs). We focus on the conflicts between family blockholders and two groups of financial institutional investors – banks and mutual funds. We hypothesize that different...

Persistent link: https://www.econbiz.de/10012927433

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

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

Lin, Lauren Yu-Hsin - 2017

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

Global Ownership and Corporate Control Networks

Rungi, Armando - 2019

In this contribution, at first, we introduce a basic network framework to study pyramidal structures and wedges between ownership and control of companies. Then, we apply it to a dataset of 53.5 million of companies operating in 208 countries. Among others, we detect a strong concentration of...

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