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Sticking around too long? : dynamics of the benefits of dual-class voting

Kim, Hyunseob; Michaely, Roni - 2019

Using a new dataset of corporate voting-rights from 1971 to 2015, we find that young dual-class firms trade at a premium and operate at least as efficiently as young single-class firms. As dual-class firms mature, their valuation declines, and they become less efficient in their margins,...

Persistent link: https://www.econbiz.de/10012003045

Design matters : binding say-on-pay and its impact on shareholder value

Wagner, Alexander F.; Wenk, Christoph - 2011

We study the shareholder value implications of a shift in the corporate balance of power towards shareholders. We find that in response to an unanticipated event that made it likely that an annual binding shareholder vote on management pay would become compulsory for Swiss public companies, the...

Persistent link: https://www.econbiz.de/10009009493

The intangibles song in takeover announcements : good tempo, hollow tune

Filipovic, Zoran M.; Wagner, Alexander F. - 2019

novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …

Persistent link: https://www.econbiz.de/10011976989

Foreign acquisition and credit risk : evidence from the U.S. CDS market

Yilmaz, Umit - 2016 - This draft: May 31, 2016

This paper empirically analyses the effect of foreign block acquisitions on the U.S. target firms' credit risk as captured by their CDS. The involvement of foreign investors leads to a significant increase in the target firms' CDS spreads. This effect is stronger when foreign owners are...

Persistent link: https://www.econbiz.de/10011519062

Preemptive bidding, target resistance, and takeover premiums

Dimopoulos, Theodosios; Sacchetto, Stefano - 2011

This paper empirically evaluates two possible sources of large takeover premiums: preemptive bidding and target … resistance. We develop an auction model that features costly sequential entry of bidders in takeover contests and that … in the period 1988-2006. We find that target resistance is the main determinant of takeover premiums in 74% of successful …

Persistent link: https://www.econbiz.de/10009375142

The time-varying prediction of successful mergers

Barone-Adesi, Giovanni; Corvasce, Giuseppe - 2009

Persistent link: https://www.econbiz.de/10003970460

Takeover protections and stock returns

Eisdorfer, Assaf; Morellec, Erwan; Zhdanov, Alexei - 2020

We argue that takeover protections decrease equity value and increase equity risk and stock returns by removing a … anti-takeover laws, both domestically and internationally. In line with our predictions, we find that distressed firms … experience a significant decrease in value and increase in returns and market betas after the passage of anti-takeover laws. Pro-takeover …

Persistent link: https://www.econbiz.de/10012419693