Liquidity and information asymmetry considerations in corporate takeovers
نویسندگان
چکیده
منابع مشابه
The Corporate Governance Role of Information Quality and Corporate Takeovers
This paper examines the corporate governance role of firms’ information quality and the takeover market in disciplining management. We consider a model where the takeover market plays a disciplinary role in replacing the inefficient incumbent manager to increase firm value. Increasing the information quality improves the takeover efficiency, but more precise information also discourages the man...
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In the preceding paper Shivdasani (1993) estimates equations predicting the probability of a hostile takeover as a function of governance characteristics. He finds that additional outside directorships by board members decrease the probability of a takeover. Ownership by management and by affiliated blockholders also decreases the probability of a takeover, while ownership by unaffiliated block...
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Table A1. Glossary of Governance and Takeover Germs Term Description Hostile takeover Acquirer makes takeover offer without target firm board consent or approval Unsolicited takeover Generally synonymous with hostile takeover. Also means the offer was not requested by the target firm board. Antitakeover provisions Target firm provisions in the bylaws or board approved motions to prevent unsolic...
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Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder protection. In addition, when shareholder protection is poor, factors that generally drive the need f...
متن کاملDoes fairness matter in corporate takeovers?
In interviews with the two head negotiators for a buying and a selling company in a Swedish takeover, a fair price was found to play an important role. A stated reason was that the companies wanted to do business in the future. To further test the importance of fairness, 88 graduate students of business administration playing the role of buyers were asked to evaluate selling prices in ®ctitious...
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ژورنال
عنوان ژورنال: The European Journal of Finance
سال: 2018
ISSN: 1351-847X,1466-4364
DOI: 10.1080/1351847x.2018.1543202