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A Reexamination of Corporate Governance and Equity Prices

Johnson, Shane A. - 2011

We reexamine long-term abnormal returns for portfolios sorted on governance characteristics. Firms with strong shareholder rights and firms with weak shareholder rights differ from the population of firms and from each other in how they cluster across industries. Using well-specified tests under...

Persistent link: https://www.econbiz.de/10013134103

Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders?

Masulis, Ronald W. - 2012

We examine the expected economic benefits of mergers and acquisitions. We conclude that both signaling and revelation biases are responsible for the commonly reported finding that on average takeovers are harmful to bidder shareholder wealth. After accounting for these two biases that lead to a...

Persistent link: https://www.econbiz.de/10013115049

Impact of Mergers and Acquisitions on Returns to Shareholders of Acquiring Firms : Indian Economy in Perspective

Rani, Neelam - 2012

The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...

Persistent link: https://www.econbiz.de/10013099698

Value Relevance of Mergers Blocked by Shareholder Lawsuits According to the German Stock Corporation Act : An Event Study

Labrenz, Helfried - 2014

This paper analyses lawsuits against shareholders' resolutions according to the German Stock Corporation Act (AktG) and the German Reorganisation Act (UmwG). A merger passed at the General Annual Meeting will not move forward as long as any lawsuit is pending with a court. In particular, mergers...

Persistent link: https://www.econbiz.de/10013058808

Stock Market Prices and the Market for Corporate Control

Armour, John - 2015

The manner in which hostile takeovers have historically been executed has just begun to receive serious academic attention. Similarly, while the literature on the accuracy and determinants of share prices is voluminous, there has been little systematic historical analysis of when and how modern...

Persistent link: https://www.econbiz.de/10013017336

Do Corporations Learn from Mispricing? Evidence from Takeovers and Corporate Performance

Adra, Samer; Barbopoulos, Leonidas G. - 2021

In this article we form the simple prediction that mispricing encourages traders to collect costly information that guides managerial decisions at corporate level. Our findings support this prediction based on evidence derived from both the US market for corporate control and the overall...

Persistent link: https://www.econbiz.de/10013240066

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

Guidance, Governance, and Equity Prices

Rubin, Amir - 2019

We introduce a measure of corporate governance based on the degree of transparency and managerial opportunism in firms' guidance release policy. Firms with a good quality of guidance governance have better performance than firms with a poor quality of guidance governance and firms that do not...

Persistent link: https://www.econbiz.de/10012867400

The Market for Corporate Control and Stock Price Crash Risk, Revisited

Ni, Xiaoran; Wang, Ye (Emma); Yin, David - 2021

risk. Using a newly-developed takeover index from Cain, McKeon, and Solomon (2017) that comprehensively considers existing … state takeover laws, federal statutes, and state court standards of review along with a list of firm-specific and economic … variables, we find external takeover susceptibility reduces firms’ future stock price crash risk. This evidence is consistent …

Persistent link: https://www.econbiz.de/10013211482

Does mandatory shareholder voting prevent bad acquisitions?

Becht, Marco; Polo, Andrea; Rossi, Stefano - 2014

Shareholder voting on corporate acquisitions is controversial. In most countries acquisition decisions are delegated to boards and shareholder approval is discretionary, which makes existing empirical studies inconclusive. We study the U.K. setting where shareholder approval is imposed...

Persistent link: https://www.econbiz.de/10010387165

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