Antitakeover Provisions and Shareholder Wealth: A Survey of the Literature. (12th September 2014)

• Record Type: Journal Article
• Authors: Straska, Miroslava; Waller, H. Gregory
• Is Part Of: Journal of financial and quantitative analysis. Volume 49:Number 4(2015)
• Page Start: 933
• Page End: 956
• Publication Date: 2014-09-12
• Subjects: Finance -- Periodicals; Investments -- Mathematics -- Periodicals; 332.05
• DOI: 10.1017/S0022109014000532
• Languages: English
• ISSNs: 0022-1090

Abstract

<abstract abstract-type="normal"> <title>Abstract</title> <p>We survey theoretical and empirical research on antitakeover provisions, focusing on the relation between antitakeover provisions and shareholder value. We divide the empirical studies based upon the evidence that they provide: short-term event studies, studies on performance and policy changes around adopting antitakeover provisions or passing state antitakeover laws, studies on the impact of antitakeover provisions on takeovers, studies on the relation between antitakeover provisions and firm characteristics, and long-term studies on the relation between antitakeover provisions and firm performance or policies. We also discuss the place of antitakeover provisions in the current debate about "good governance" practices.</p> </abstract>