Corpus ID: 166633074

Shareholder or Management Rights Plan

@inproceedings{Volkova2013ShareholderOM,
  title={Shareholder or Management Rights Plan},
  author={Anastassia Volkova},
  year={2013}
}
This dissertation analyses the market reaction upon the announcement of corporations’ intent to adopt a poison pill, in Canada and in the United States. The two neighbouring countries have different takeover landscapes and dissimilar regulatory requirements faced by targets in light of the defense adoption. Two hypotheses are put forward in this study: the managerial entrenchment and the shareholders’ wealth maximization. Data on all poison pill announcements between January 1st, 1983 and… Expand
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References

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We investigate which provisions, among a set of twenty-four governance provisions followed by the Investor Responsibility Research Center (IRRC), are correlated with firm value and stockholder… Expand
An empirical investigation of the effect of corporate charter antitakeover amendments on stockholder wealth
This paper tests competing theoretical explanations for the passage of corporate charter antitakeover amendments. The managerial entrenchment hypothesis suggests that antitakeover amendments are… Expand
Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments
This paper examines the role of large shareholders in monitoring managers when they propose antitakeover charter amendments. We attempt to distinguish between two competing hypotheses: the “active… Expand
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This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of… Expand
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 pill… Expand
The Impact of Antitakeover Amendments on Corporate Financial Performance
Previous event studies that examine the impact of antitakeover amendments on the firm value provide mixed results. Some studies support the management entrenchment hypothesis, while others support… Expand
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This paper's regression analyses from a sample of 261 firms that adopted 486 antitakeover provisions (supermajority, classified boards, fair-price, reduction in cumulative voting, anti-greenmail and… Expand
Managerial Entrenchment and Capital Structure: New Evidence
Prior research has often taken the view that entrenched managers tend to avoid debt. Contrary to this view, we find that firms with entrenched managers, as measured by the Gompers et al. (2003)… Expand
Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors
We study shareholder proposals across a period of substantial activity and find systematic differences both across sponsor identity and across time. To understand how these proposals are perceived by… Expand
The effect of poison pill securities on shareholder wealth
Abstract This paper examines empirical evidence about the effect of poison pill takeover defenses on shareholder wealth. I find evidence that announcements of the most restrictive forms of the pill… Expand
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