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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
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
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
discussions in respect of the market for corporate control and takeover defenses. This Article will also provide a quick overview … over the provisions in draft new Korean Commercial Code related to the market for corporate control and takeover defenses … strike a balance between the active market for corporate control and effective takeover defensive tactics for the benefit of …
Persistent link: https://www.econbiz.de/10013158454
-border portfolio investments of institutional money managers and cross-border M&As are complements in promoting financial integration …
Persistent link: https://www.econbiz.de/10013158587
the quiet life hypothesis (i.e., managers entrenched by state anti-takeover protection enjoy the quiet life by under …We examine the implications of enhanced managerial control afforded by state anti-takeover laws for tax avoidance and … find the strength of anti-takeover statutes in a state is negatively related to tax avoidance of firms incorporated in that …
Persistent link: https://www.econbiz.de/10012834012
Independent directors are valuable because they do not suffer from the agency coststhat afflict executive directors. Independent directors also operate at an informationaldisadvantage compared with executive directors, which makes it hard for them to carryout their duties of advising and...
Persistent link: https://www.econbiz.de/10012838921
The protection provided by antitakeover provisions (ATPs) can be used by managers to undertake acquisitions (M&A) that … shareholder wealth. We exploit sources of exogeneity at the level of an investing firm and find that managers strategically …, and with firms whose managers are otherwise more likely to diversify the firm away from its primary business. We find that …
Persistent link: https://www.econbiz.de/10012842230
Debt, and in particular, short-term debt have the potential to discipline managers. We examine the role of the board in …
Persistent link: https://www.econbiz.de/10012721643
This article provides experimental evidence that bidder and target shareholders of a takeover announcement exhibit …
Persistent link: https://www.econbiz.de/10012955588