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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

Cross-listings, Antitakeover Defenses, and the Insulation Hypothesis

Tsang, Albert; Yang, Nan; Zheng, Lingyi - 2021

and the likelihood that firms cross-list in a foreign country. Firms facing takeover threats are more likely to choose …

Persistent link: https://www.econbiz.de/10013226893

Board Share Ownership and Takeover Performance

Cosh, Andy - 2012

We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …

Persistent link: https://www.econbiz.de/10013103238

Boards, Uncertainty, and the Use of Fairness Opinions

Frye, Melissa B. - 2009

Manuscript Type: Empirical Research Question/Issue: We propose and test a new perspective on why the boards of some acquiring firms purchase a fairness opinion (FO). Specifically, we examine whether the board's knowledge explains the use of a FO and the market reaction to the FO. Research...

Persistent link: https://www.econbiz.de/10013156557

Corporate Boards and the Leverage and Debt Maturity Choices

Harford, Jarrad - 2009

Debt, and in particular, short-term debt have the potential to discipline managers. We examine the role of the board in making financing decisions that provide this discipline. Specifically, given a firm's characteristics, we predict that stronger boards will force the firm to hold more debt and...

Persistent link: https://www.econbiz.de/10012721643

Are Outside Director Trades Informative? Evidence from Acquiring Firms

Gordon, Rachel - 2019

I show that nonroutine premerger trades by acquirer outside directors contain a significant amount of private information and indicate opportunistic trading on the information. I find that outside directors sell shares before less valuable deals and purchase shares before more value enhancing...

Persistent link: https://www.econbiz.de/10012902273

Board Composition After Mergers : Does It Matter to Target Shareholders?

Wang, Hongxia - 2018

This paper examines whether post-merger board composition affects the premiums paid to target shareholders. Using a sample of 207 stock-for-stock mergers from 1996 to 2004, we show that target merger premiums vary inversely with target director representation on the post-merger board. We also...

Persistent link: https://www.econbiz.de/10012911226

Industry Experience of Board CEO, and Acquisition Performance

Bhattacharya, Debarati - 2019

This study examines the collective impact of expert boards and CEOs on acquisition performance, providing new insight into the CEO-board relationship. Acquiring firms with expert boards earn an additional 1.16 percentage points when their CEOs are new to the target industry compared to firms...

Persistent link: https://www.econbiz.de/10012871246

Independent Director Death and CEO Acquisitiveness : Build an Empire or Pursue a Quiet Life?

Shi, Wei - 2016

This study examines the relationship between an independent director's death and CEO acquisitiveness. Using a sample of large U.S. public firms, we find that CEOs who have experienced an independent director's death undertake fewer acquisitions in the post-director death period, in particular...

Persistent link: https://www.econbiz.de/10013005769

Internal Corporate Control and the Dynamics of Post-Acquisition Boards : Evidence of U.S. Life Insurers

Xie, Xiaoying - 2015

more likely to be replaced if the takeover is disciplinary …

Persistent link: https://www.econbiz.de/10013012966