Shark repellents and stock prices: The effects of antitakeover amendments since 1980 |
| |
| Affiliation: | 1. School of Risk and Actuarial Studies, University of New South Wales, Kensington Campus, NSW 2052, Australia;2. School of Mathematics and Statistics, University of New South Wales, Kensington Campus, NSW 2052, Australia |
| |
| Abstract: | Antitakeover amendments (shark repellents) restrict the transfer of corporate control. On average, the public announcement of antitakeover amendments by 600 firms in the period 1979–1985 has an insignificant effect on the value of announcing firms' shares. However, different types of amendments have varying effects. Non-fair-price amendments have an average significant negative effect of 2.95% on share prices, while fair-price amendments have an insignificant effect. The more harmful amendments have larger insider holdings and lower institutional holdings, suggesting a partial explanation of why shareholders approve these amendments. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
