Are Antitakeover Amendments Good for Shareholders? Evidence from the Adoption of Antitakeover Provisions in the Post-SOX Era

IF 0.9 Q3 BUSINESS, FINANCE
Erin E. Smith
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引用次数: 2

Abstract

By combining a regression discontinuity (RD) design with a novel instrumental variable, I estimate the value of antitakeover provisions (ATPs) adopted between 2006 and 2010. In contrast to evidence from earlier periods, I estimate that, during this recent period, ATP adoption increased shareholder value by approximately 3%. An important challenge to estimating the value of ATPs is that standard RD estimates can be biased if interested parties manipulate vote outcomes. To address this, I exploit exogenous variation in the likelihood of passage that results from “over-votes”, the extra illegitimate votes arising from securities lending practices. Because ATP passage requires affirmative votes from a majority of outstanding shares, rather than of shares voted, over-votes increase the likelihood of passage.
反收购修正案对股东有利吗?后sox时代反收购条款采纳的证据
通过将回归不连续(RD)设计与一个新的工具变量相结合,我估计了2006年至2010年间采用的反收购条款(atp)的价值。与早期的证据相比,我估计,在最近一段时间内,ATP的采用使股东价值增加了约3%。估计atp价值的一个重要挑战是,如果利益相关方操纵投票结果,标准RD估计可能会有偏差。为了解决这个问题,我利用了“过度投票”(即证券借贷行为产生的额外非法投票)导致的通过可能性的外生变化。由于ATP的通过需要多数流通股的赞成票,而不是多数已投票的股份,因此投票过多增加了通过的可能性。
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来源期刊
Quarterly Journal of Finance
Quarterly Journal of Finance BUSINESS, FINANCE-
CiteScore
1.10
自引率
0.00%
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0
期刊介绍: The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.
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