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CELS 2006 1st Annual Conference on Empirical Legal Studies (Archive)最新文献

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Substitutable Protections: Socioeconomic Insulation and Credible Commitment Devices 可替代保护:社会经济隔离和可信承诺装置
CELS 2006 1st Annual Conference on Empirical Legal Studies (Archive) Pub Date : 2006-10-15 DOI: 10.2139/ssrn.913428
Jeffrey K. Staton, Christopher Reenock
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引用次数: 2
Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors 企业家股东行动主义:对冲基金和其他私人投资者
CELS 2006 1st Annual Conference on Empirical Legal Studies (Archive) Pub Date : 2006-09-01 DOI: 10.2139/ssrn.913362
April Klein, Emanuel Zur
{"title":"Entrepreneurial Shareholder Activism: Hedge Funds and Other Private Investors","authors":"April Klein, Emanuel Zur","doi":"10.2139/ssrn.913362","DOIUrl":"https://doi.org/10.2139/ssrn.913362","url":null,"abstract":"We examine recent confrontational activism campaigns by hedge funds and other private investors. The main parallels between the groups are a significantly positive market reaction for the target firm around the initial Schedule 13D filing date, significantly positive returns over the subsequent year, and the activist's high success rate in achieving its original objective. Further, both activists frequently gain board representation through real or threatened proxy solicitations. Two major differences are that hedge funds target more profitable firms than other activists, and hedge funds address cash flow agency costs whereas other private investors change the target's investment strategies. Copyright (c) 2009 The American Finance Association.","PeriodicalId":129571,"journal":{"name":"CELS 2006 1st Annual Conference on Empirical Legal Studies (Archive)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123526959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 800
Why Do Managers Dismantle Staggered Boards? 经理人为何要废除交错董事会?
CELS 2006 1st Annual Conference on Empirical Legal Studies (Archive) Pub Date : 2006-06-12 DOI: 10.2139/ssrn.908668
Mira Ganor
{"title":"Why Do Managers Dismantle Staggered Boards?","authors":"Mira Ganor","doi":"10.2139/ssrn.908668","DOIUrl":"https://doi.org/10.2139/ssrn.908668","url":null,"abstract":"Staggered boards offer incumbent management considerable protection from hostile takeovers and proxy fights. However, in the last few years, managers of an increasing number of firms have voluntarily destaggered their boards, exposing themselves to the risk of being removed from office. This paper investigates why managers decide to destagger their boards. I find statistically significant evidence that the likelihood of destaggering increases with shareholder pressure (in the form of precatory shareholder resolutions seeking destaggered boards) and with the amount of the CEO's unvested (including out-of-the-money) options. I do not find evidence of a strong connection between the decision to destagger and firm performance, or other CEO characteristics, including other forms of compensation such as unrestricted equity. The study provides insight into the informal power and influence of shareholders over the board, and the role of equity and monetary compensation in aligning management's interests with those of the shareholders.","PeriodicalId":129571,"journal":{"name":"CELS 2006 1st Annual Conference on Empirical Legal Studies (Archive)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132986664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
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