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Media type:
E-Article
Title:
Antitakeover Provisions and Shareholder Wealth: A Survey of the Literature
Contributor:
Straska, Miroslava;
Waller, H. Gregory
Published:
Cambridge University Press (CUP), 2014
Published in:
Journal of Financial and Quantitative Analysis, 49 (2014) 4, Seite 933-956
Language:
English
DOI:
10.1017/s0022109014000532
ISSN:
0022-1090;
1756-6916
Origination:
Footnote:
Description:
AbstractWe survey theoretical and empirical research on antitakeover provisions, focusing on the relation between antitakeover provisions and shareholder value. We divide the empirical studies based upon the evidence that they provide: short-term event studies, studies on performance and policy changes around adopting antitakeover provisions or passing state antitakeover laws, studies on the impact of antitakeover provisions on takeovers, studies on the relation between antitakeover provisions and firm characteristics, and long-term studies on the relation between antitakeover provisions and firm performance or policies. We also discuss the place of antitakeover provisions in the current debate about “good governance” practices.