Greenmail premia, board composition and management shareholdings |
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Authors: | David Manry Kevin Nathan |
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Institution: | a Florida International University, Miami, FL 33199, USA;b Oakland University, Rochester, MI 48309, USA |
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Abstract: | This paper investigates the association between premia paid in targeted share repurchases (greenmail) and the characteristics of the boards of directors. A nonlinear relationship is found between the premium paid and the proportion of shares held by the inside directors. The premium decreases as the proportion of unaffiliated outside directors increases. |
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Keywords: | Insider stock ownership Managerial entrenchment Greenmail |
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