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Electing Directors
Our research provides the first empirical analysis of uncontested director elections. Using a large sample of data recently available, we find that shareholder votes are significantly related to firmExpand
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Abnormal Returns to Rivals of Acquisition Targets: A Test of the Acquisition Probability Hypothesis
We develop and test the Acquisition Probability Hypothesis, which asserts that rivals of initial acquisition targets earn abnormal returns because of the increased probability that they will beExpand
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Corporate Governance and Shareholder Initiatives: Empirical Evidence
Shareholder-initiated proxy proposals on corporate governance issues became popular in the late 1980s as corporate takeover activity declined. We find firms attracting governance proposals have poorExpand
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Shareholders' Say on Pay: Does it Create Value?
Congress and activists recently proposed giving shareholders a say (vote) on executive pay. We find that when the House passed the Say-on-Pay Bill, the market reaction was significantly positive forExpand
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Target Abnormal Returns Associated with Acquisition Announcements:Payment, Acquisition Form, and Managerial Resistance
Abnormal returns earned by target firms at the time of initial acquisition announcements are related to form of payment, degree of resistance, and type of offer. Results indicate that interdependenceExpand
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The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth
This paper examines the relation between managerial ownership and the probability of being a target firm, and the impact of managerial ownership on target shareholder returns. The paper finds thatExpand
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Poison pill securities: Stockholder wealth, profitability, and ownership structure
Abstract This paper tests hypotheses about the wealth effects of poison pill securities and hypotheses about the characteristics of firms that adopt them. Our estimates indicate that poison pillExpand
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Anticipation, Acquisitions and Bidder Returns: Industry Shocks and the Transfer of Information Across Rivals
We document market anticipation of merger bids and show that less anticipated bids earn significantly higher announcement returns. Subsequent bidders in the industry experience significant andExpand
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The Impact of Industry Classifications on Financial Research
Using approximately 10,000 firms jointly covered by Compustat and CRSP from 1974–1993, we find substantial differences in the SIC codes designated by the two databases. More than 36 percent of theExpand
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The Distribution of Target Ownership and the Division of Gains in Successful Takeovers
This paper presents evidence that the distribution of target ownership is related to the division of the takeover gain between the target and the bidder for a sample of successful tender offers. InExpand
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