منابع مشابه
Religion and Takeovers
This study examines whether religiosity at the county level will influence the firms take over decision. I find robust evidence that firms headquartered in counties with higher levels of religiosity exhibit lower risky take over decisions. This finding is consistent with the view that religion, as a set of social norms, helps to curb risky activities by managers.
متن کاملFinancing and takeovers
This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, capital structure plays the role of a commitment device, and determines the outcome of the acquisition contest. We demonstrate that there exists...
متن کاملMergers and Takeovers
In recent years some of the nation’s largest corporations have been the object of fierce takeover battles. The effects of these battles for corporate control reach far beyond the board room. Many stand to gain or lose depending upon the outcome. Shareholders and employees, suppliers, creditors, competitors and state and local governments all have an interest in these struggles. In addition, the...
متن کاملTakeovers, Toeholds and Deterrence *
We consider a setting in which two potential buyers, one with a prior toehold and one without, compete in a takeover modelled as an ascending auction with participating costs. The toeholder is more aggressive during the takeover process because she is also a seller of her own shares. The non-toeholder anticipates this extra-aggressiveness of the toeholder. Thus, the non-toeholder is deterred fr...
متن کاملCorporate governance and hostile takeovers
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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ژورنال
عنوان ژورنال: Journal of Corporate Finance
سال: 2014
ISSN: 0929-1199
DOI: 10.1016/j.jcorpfin.2013.11.012