Takeover defenses and dilution: A welfare analysis

Journal of Financial and Quantitative Analysis

Volumn 36, Issue 3, 2001, Pages 311-334

  Chakraborty, Atreya ^a   Arnott, Richard ^b  

^a CHARLES RIVER ASSOCIATES   (United States)

^b BOSTON COLLEGE   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0035601161     PISSN: 00221090     EISSN: None     Source Type: Journal    
DOI: 10.2307/2676285     Document Type: Article

References (24)

1. Bagnoli, M., and B. L. Lipman. "Successful Takeovers without Exclusion." Review of Financial Studies, 1 (1989), 89-110.
2. Bagwell, L. S. "Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity." Journal of Finance, 42 (1992), 71-106.
3. Bettis, C. J.; J. M. Bizjak; and M. L. Lemmon. "Insider Trading in Derivative Securities: An Empirical Examination of the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders." Mimeo. Arizona State Univ. (1999).
4. Bolster, P.; D. Chance; and D. Rich. "Executive Equity Swaps and Corporate Insider Holdings." Financial Management, 25 (1996), 14-24.
5. Bradley, D.; A. Desai; and E. H. Kim. "Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms." Journal of Financial Economics, 21 (1988), 3-40.
6. Chakraborty, A., and R. Arnott. "Takeover Defenses and Dilution: A Welfare Analysis." Additional Working Paper Series # 940803, National Bureau of Economic Research (1994).
7. Dann, L. Y., and H. DeAngelo. "Corporate Financial Policy and Corporate Control: A Study of Defensive Adjustments in Asset and Ownership Structure." Journal of Financial Economics, 20 (1988), 87-128.
8. Denis, D. J. "Defensive Changes in Corporate Payout Policy: Share Repurchases and Special Dividends." Journal of Finance, 45 (1990), 1433-1456.
9. Denis, D., and D. Denis. "Managerial Discretion, Organizational Structure, and Corporate Performance: A Study of Leveraged Recapitulations." Journal of Accounting & Economics, 16 (1993), 209-236.
10. Grossman, S., and O. Hart. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation." Bell Journal of Economics, 11 (1980a), 42-64.
11. _. "Disclosure Laws and Takeover Bids." Journal of Finance, 35 (1980b), 323-333.
12. Hall, B. J., and J. B. Liebman. "Are CEO's Really Paid Like Bureaucrats?" Quarterly Journal of Economics, 63 (1998), 653-691.
13. Herman, E. S., and L. Lowenstein. "The Efficiency Effects of Hostile Takeovers." In Knights, Raiders and Targets: The Impact of the Hostile Takeover, J. Coffee, L. Lowenstein, and S. Rose-Ackerman, eds. New York, NY: Oxford Univ. Press (1988), 211-240.
14. Jensen, M. C. "The Takeover Controversy: Theory and Evidence." Midland Corporate Finance Journal, 4 (1986), 6-32.
15. _. "The Modern Industrial Revolution, Exit, and the Failure of the Internal Control Systems." Journal of Finance, 48 (1993), 831-880.
16. Jensen, M. C., and K. J. Murphy. "Performance Pay and Top-Management Incentives." Journal of Political Economy, 98 (1990a), 225-264.
17. _. "CEO Incentives - It's Not How Much You Pay, But How." Harvard Business Review (1990b), 138-149.
18. Labaton, S., and F. Norris. "Struggle between Eastern and Unions Enters a Crucial Phase." New York Times, (March 20, 1989), B5.
19. Lipton, M.; J. H. Fogelson; A. R. Brownstein; and C. M. Wasserman. "Takeover and Defense Law I: The Takeover Environment." Mergers, Acquisition, and Leveraged Buyouts, R. L. Kuhm, ed. Homewood, IL: Irwin (1989), 441-485.
20. Palepu, K. G., and K. H. Wruck. "Consequences of Leveraged Shareholder Payouts: Defensive versus Voluntary Recapitalization." Working Paper 93-006, Harvard Business School (1993).
21. Scharfstein, D. S. "The Disciplinary Role of Takeovers." Review of Economic Studies, 55 (1988), 185-199.
22. Shleifer, A., and R. W. Vishny. "Management Entrenchment: A Case of Management-Specific Investments." Journal of Financial Economics, 25 (1989), 49-56.
23. Swoboda, F. "Texas Air Looking to Sell Reservation System to GM: Legality of Reported Plan in Question." Washington Post (Sept. 22, 1989), G1.
24. Yermack, D. "Do Corporations Award CEO Stock Options Effectively?" Journal of Financial Economics, 39 (1995), 237-269.