메뉴 건너뛰기




Volumn 47, Issue 3, 1998, Pages 279-313

Proxy contests and corporate change: Implications for shareholder wealth

Author keywords

Corporate restructuring; G34; Management Turnover; Market for corporate control; Proxy contests

Indexed keywords


EID: 0040095489     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-405X(97)00046-9     Document Type: Article
Times cited : (96)

References (36)
  • 1
    • 0000589044 scopus 로고
    • Production, information costs and economic organization
    • Alchian, A., Demsetz, H., 1972. Production, information costs and economic organization. American Economic Review 62, 777-795. Reprinted in Alchian, A., 1977. Economic Forces at Work. Liberty Press, Indianapolis, pp. 73-110.
    • (1972) American Economic Review , vol.62 , pp. 777-795
    • Alchian, A.1    Demsetz, H.2
  • 2
    • 0003994492 scopus 로고
    • Reprinted in Liberty Press, Indianapolis
    • Alchian, A., Demsetz, H., 1972. Production, information costs and economic organization. American Economic Review 62, 777-795. Reprinted in Alchian, A., 1977. Economic Forces at Work. Liberty Press, Indianapolis, pp. 73-110.
    • (1977) Economic Forces at Work , pp. 73-110
    • Alchian, A.1
  • 3
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
    • Barber B., Lyon J. Detecting long-run abnormal stock returns: the empirical power and specification of test statistics. Journal of Financial Economics. 43:1997;341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.1    Lyon, J.2
  • 4
    • 84977730652 scopus 로고
    • Why hang on to losers? Divestitures and takeovers
    • Boot, A., 1992. Why hang on to losers? Divestitures and takeovers. Journal of Finance 47, 1401-1423.
    • (1992) Journal of Finance , vol.47 , pp. 1401-1423
    • Boot, A.1
  • 5
    • 21144463231 scopus 로고
    • The efficient monitoring role of proxy contests: An empirical analysis of post-contest control changes and firm performance
    • Borstadt L., Zwirlein T. The efficient monitoring role of proxy contests: an empirical analysis of post-contest control changes and firm performance. Financial Management. 21:1992;22-34.
    • (1992) Financial Management , vol.21 , pp. 22-34
    • Borstadt, L.1    Zwirlein, T.2
  • 6
    • 0039563826 scopus 로고
    • The rationale behind interfirm tender offers: Information or synergy
    • Bradley M., Desai A., Kim E.H. The rationale behind interfirm tender offers: information or synergy. Journal of Financial Economics. 11:1983;183-206.
    • (1983) Journal of Financial Economics , vol.11 , pp. 183-206
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 7
    • 84959698214 scopus 로고
    • Toehold acquisitions, shareholder wealth, and the market for corporate control
    • Choi D. Toehold acquisitions, shareholder wealth, and the market for corporate control. Journal of Financial and Quantitative Analysis. 26:1991;391-407.
    • (1991) Journal of Financial and Quantitative Analysis , vol.26 , pp. 391-407
    • Choi, D.1
  • 8
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures
    • Comment R., Schwert G.W. Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. Journal of Financial Economics. 39:1995;3-43.
    • (1995) Journal of Financial Economics , vol.39 , pp. 3-43
    • Comment, R.1    Schwert, G.W.2
  • 10
    • 0011669666 scopus 로고
    • Managerial competition, information costs, and corporate governance: The use of accounting measures in proxy contests
    • DeAngelo L. Managerial competition, information costs, and corporate governance: the use of accounting measures in proxy contests. Journal of Accounting and Economics. 10:1988;3-36.
    • (1988) Journal of Accounting and Economics , vol.10 , pp. 3-36
    • Deangelo, L.1
  • 11
    • 0002447529 scopus 로고
    • Proxy contests and the governance of publicly held corporations
    • DeAngelo H., DeAngelo L. Proxy contests and the governance of publicly held corporations. Journal of Financial Economics. 23:1989;29-59.
    • (1989) Journal of Financial Economics , vol.23 , pp. 29-59
    • Deangelo, H.1    Deangelo, L.2
  • 12
    • 84977712208 scopus 로고
    • Dividend policy and financial distress: An empirical investigation of troubled NYSE firms
    • DeAngelo H., DeAngelo L. Dividend policy and financial distress: an empirical investigation of troubled NYSE firms. Journal of Finance. 45:1990;1415-1431.
    • (1990) Journal of Finance , vol.45 , pp. 1415-1431
    • Deangelo, H.1    Deangelo, L.2
  • 13
    • 84993897491 scopus 로고
    • Performance changes following top management dismissals
    • Denis D., Denis D. Performance changes following top management dismissals. Journal of Finance. 50:1995;1029-1057.
    • (1995) Journal of Finance , vol.50 , pp. 1029-1057
    • Denis, D.1    Denis, D.2
  • 14
    • 0030075541 scopus 로고    scopus 로고
    • Active investors and management turnover following unsuccessful control contests
    • Denis D., Serrano J. Active investors and management turnover following unsuccessful control contests. Journal of Financial Economics. 40:1996;239-266.
    • (1996) Journal of Financial Economics , vol.40 , pp. 239-266
    • Denis, D.1    Serrano, J.2
  • 15
    • 0004829270 scopus 로고
    • Event study methodology and the size effect: The case of UK press recommendations
    • Dimson E., Marsh P. Event study methodology and the size effect: the case of UK press recommendations. Journal of Financial Economics. 17:1986;113-142.
    • (1986) Journal of Financial Economics , vol.17 , pp. 113-142
    • Dimson, E.1    Marsh, P.2
  • 16
    • 0001163995 scopus 로고
    • On corporate governance: A study of proxy contests
    • Dodd P., Warner J. On corporate governance: a study of proxy contests. Journal of Financial Economics. 11:1983;401-438.
    • (1983) Journal of Financial Economics , vol.11 , pp. 401-438
    • Dodd, P.1    Warner, J.2
  • 17
    • 84980092567 scopus 로고
    • Predicting the results of proxy contests
    • Duvall R., Austin D. Predicting the results of proxy contests. Journal of Finance. 20:1965;464-471.
    • (1965) Journal of Finance , vol.20 , pp. 464-471
    • Duvall, R.1    Austin, D.2
  • 19
    • 21144466926 scopus 로고
    • Corporate governance through the proxy contest: Evidence and implications
    • Ikenberry D., Lakonishok J. Corporate governance through the proxy contest: evidence and implications. Journal of Business. 66:1993;405-435.
    • (1993) Journal of Business , vol.66 , pp. 405-435
    • Ikenberry, D.1    Lakonishok, J.2
  • 21
    • 0039274329 scopus 로고
    • Financial innovation and corporate mergers
    • L. Browne, & E. Rosengren. Boston: Federal Reserve Bank of Boston
    • Jarrell G. Financial innovation and corporate mergers. Browne L., Rosengren E. The Merger Boom. 1987;52-73 Federal Reserve Bank of Boston, Boston.
    • (1987) The Merger Boom , pp. 52-73
    • Jarrell, G.1
  • 22
    • 0031097376 scopus 로고    scopus 로고
    • Measuring long-horizon security price performance
    • Kothari S.P., Warner J. Measuring long-horizon security price performance. Journal of Financial Economics. 43:1997;301-339.
    • (1997) Journal of Financial Economics , vol.43 , pp. 301-339
    • Kothari, S.P.1    Warner, J.2
  • 23
    • 0000775214 scopus 로고
    • Partially anticipated events: A model of stock price reactions with an application to corporate acquisitions
    • Malatesta P., Thompson R. Partially anticipated events: a model of stock price reactions with an application to corporate acquisitions. Journal of Financial Economics. 14:1985;237-250.
    • (1985) Journal of Financial Economics , vol.14 , pp. 237-250
    • Malatesta, P.1    Thompson, R.2
  • 24
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • Manne H. Mergers and the market for corporate control. Journal of Political Economy. 73:1965;110-120.
    • (1965) Journal of Political Economy , vol.73 , pp. 110-120
    • Manne, H.1
  • 26
    • 84977707515 scopus 로고
    • Corporate performance, corporate takeovers, and management turnover
    • Martin K., McConnell J. Corporate performance, corporate takeovers, and management turnover. Journal of Finance. 46:1991;671-687.
    • (1991) Journal of Finance , vol.46 , pp. 671-687
    • Martin, K.1    McConnell, J.2
  • 27
    • 0031138809 scopus 로고    scopus 로고
    • The decline of takeovers and disciplinary managerial turnover
    • Mikkelson W., Partch M. The decline of takeovers and disciplinary managerial turnover. Journal of Financial Economics. 44:1997;205-228.
    • (1997) Journal of Financial Economics , vol.44 , pp. 205-228
    • Mikkelson, W.1    Partch, M.2
  • 29
    • 0026829207 scopus 로고
    • Beyond takeovers: Politics comes to corporate control
    • Pound J. Beyond takeovers: politics comes to corporate control. Harvard Business Review. 70:1992;83-93.
    • (1992) Harvard Business Review , vol.70 , pp. 83-93
    • Pound, J.1
  • 31
    • 0003325429 scopus 로고
    • Do target shareholders lose in unsuccessful control contests?
    • In: Auerbach, A. (Ed.) University of Chicago Press, Chicago
    • Ruback, R., 1988. Do target shareholders lose in unsuccessful control contests? In: Auerbach, A. (Ed.), Corporate Takeovers: Causes and Consequences. University of Chicago Press, Chicago, pp. 137-152.
    • (1988) Corporate Takeovers: Causes and Consequences , pp. 137-152
    • Ruback, R.1
  • 32
    • 0001740117 scopus 로고
    • The effect of poison pill securities on shareholder wealth
    • Ryngaert M. The effect of poison pill securities on shareholder wealth. Journal of Financial Economics. 20:1988;377-417.
    • (1988) Journal of Financial Economics , vol.20 , pp. 377-417
    • Ryngaert, M.1
  • 34
    • 21344477944 scopus 로고
    • The evolution of the 1992 shareholder communication proxy rules and their impact on corporate governance
    • Sharara N., Hoke-Witherspoon A. The evolution of the 1992 shareholder communication proxy rules and their impact on corporate governance. The Business Lawyer. 49:1993;327-358.
    • (1993) The Business Lawyer , vol.49 , pp. 327-358
    • Sharara, N.1    Hoke-Witherspoon, A.2
  • 35
    • 21844518626 scopus 로고
    • Determinants of the choice of the hostile takeover mechanism: An empirical analysis of tender offers and proxy contests
    • Sridharan U., Reinganum M. Determinants of the choice of the hostile takeover mechanism: an empirical analysis of tender offers and proxy contests. Financial Management. 24:1995;57-67.
    • (1995) Financial Management , vol.24 , pp. 57-67
    • Sridharan, U.1    Reinganum, M.2
  • 36
    • 0001163724 scopus 로고
    • CEO turnover and the firm's investment decisions
    • Weisbach M. CEO turnover and the firm's investment decisions. Journal of Financial Economics. 37:1995;159-188.
    • (1995) Journal of Financial Economics , vol.37 , pp. 159-188
    • Weisbach, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.