메뉴 건너뛰기




Volumn 47, Issue 5, 2004, Pages 15-24

Hostile takeover defenses that maximize shareholder wealth

Author keywords

[No Author keywords available]

Indexed keywords


EID: 4444236668     PISSN: 00076813     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.bushor.2004.07.004     Document Type: Article
Times cited : (14)

References (44)
  • 1
    • 84993918483 scopus 로고
    • Executive careers and compensation surrounding takeover bids
    • (July)
    • Agrawal, Anup, and Ralph A. Walkling. 1994. Executive careers and compensation surrounding takeover bids. Journal of Finance 49/3 (July): 985-1014.
    • (1994) Journal of Finance , vol.49 , Issue.3 , pp. 985-1014
    • Agrawal, A.1    Walkling, R.A.2
  • 2
    • 21144459493 scopus 로고
    • Wealth reduction in white knight bids
    • (Fall)
    • Banerjee, Ajeyo, and James E. Owers. 1992. Wealth reduction in white knight bids. Financial Management 21/3 (Fall): 48-57.
    • (1992) Financial Management , vol.21 , Issue.3 , pp. 48-57
    • Banerjee, A.1    Owers, J.E.2
  • 3
    • 84977706647 scopus 로고
    • How target shareholders benefit from value-reducing defensive strategies in takeovers
    • (March)
    • Berkovitch, Elazar, and Naveen Khanna. 1990. How target shareholders benefit from value-reducing defensive strategies in takeovers. Journal of Finance 45/1 (March): 137-156.
    • (1990) Journal of Finance , vol.45 , Issue.1 , pp. 137-156
    • Berkovitch, E.1    Naveen, K.2
  • 4
    • 0011453070 scopus 로고
    • The wealth effects of targeted share repurchases
    • (April)
    • Bradley, Michael, and L. MacDonald Wakeman. 1983. The wealth effects of targeted share repurchases. Journal of Financial Economics 11/1-4 (April): 301-328.
    • (1983) Journal of Financial Economics , vol.11 , Issue.1-4 , pp. 301-328
    • Bradley, M.1    MacDonald Wakeman, L.2
  • 5
    • 0012207536 scopus 로고    scopus 로고
    • Success and failure in the market for corporate control: Evidence from the petroleum industry
    • (November)
    • Byrd, John W., and William W. Stammerjohan. 1997. Success and failure in the market for corporate control: Evidence from the petroleum industry. Financial Review 32/4 (November): 635-659.
    • (1997) Financial Review , vol.32 , Issue.4 , pp. 635-659
    • Byrd, J.W.1    Stammerjohan, W.W.2
  • 6
    • 0039005086 scopus 로고
    • Employee stock ownership plans and shareholder wealth: An empirical investigation
    • (Spring)
    • Chang, Saeyoung. 1990. Employee stock ownership plans and shareholder wealth: An empirical investigation. Financial Management 19/1 (Spring): 48-59.
    • (1990) Financial Management , vol.19 , Issue.1 , pp. 48-59
    • Chang, S.1
  • 7
    • 84993908982 scopus 로고
    • The role of ESOPs in takeover contests
    • (September)
    • Chaplinsky, Susan, and Greg Niehaus. 1994. The role of ESOPs in takeover contests. Journal of Finance 49/4 (September): 1,451-1,471.
    • (1994) Journal of Finance , vol.49 , Issue.4
    • Chaplinsky, S.1    Niehaus, G.2
  • 8
    • 4444331047 scopus 로고    scopus 로고
    • Top management changes following hostile and friendly takeovers
    • Dahya, J., and R. Powell. 1996. Top management changes following hostile and friendly takeovers. ACCA Research Report No. 61.
    • (1996) ACCA Research Report , Issue.61
    • Dahya, J.1    Powell, R.2
  • 9
    • 0000833892 scopus 로고
    • Anti-takeover charter amendments and stockholder wealth
    • (April)
    • DeAngelo, Harry and Eugene Rice. 1983. Anti-takeover charter amendments and stockholder wealth. Journal of Financial Economics 11/1-4 (April): 329-360.
    • (1983) Journal of Financial Economics , vol.11 , Issue.1-4 , pp. 329-360
    • DeAngelo, H.1    Rice, E.2
  • 11
    • 84993897491 scopus 로고
    • Performance changes following top management dismissals
    • (September)
    • Denis, David, and Diane Denis. 1995. Performance changes following top management dismissals. Journal of Finance 50/4 (September): 1,029-1,057.
    • (1995) Journal of Finance , vol.50 , Issue.4
    • Denis, D.1    Diane, D.2
  • 12
    • 38249022637 scopus 로고
    • ESOPs: The "Trojan Horse" of the antitakeover realm
    • (July-August)
    • Dunn, Craig P. 1989. ESOPs: The "Trojan Horse" of the antitakeover realm. Business Horizons 32/4 (July-August): 28-35.
    • (1989) Business Horizons , vol.32 , Issue.4 , pp. 28-35
    • Dunn, C.P.1
  • 14
    • 0029693574 scopus 로고    scopus 로고
    • Hostile takeovers and the correction of managerial failure
    • (January)
    • Franks, Julian, and Colin Mayer. 1996. Hostile takeovers and the correction of managerial failure. Journal of Financial Economics 40/1 (January): 163-181.
    • (1996) Journal of Financial Economics , vol.40 , Issue.1 , pp. 163-181
    • Franks, J.1    Colin, M.2
  • 15
    • 84977717550 scopus 로고
    • Herd on the street: Informational inefficiencies in a market with short-term speculation
    • (September)
    • Froot, Kenneth A., David S. Scharfstein, and Jeremy C. Stein. 1992. Herd on the street: Informational inefficiencies in a market with short-term speculation. Journal of Finance 47/4 (September): 1,461-1,484.
    • (1992) Journal of Finance , vol.47 , Issue.4
    • Froot, K.A.1    Scharfstein, D.S.2    Stein, J.C.3
  • 17
    • 0039470136 scopus 로고    scopus 로고
    • Defensive mechanisms and managerial discretion
    • (September)
    • Giammarino, Ronald, Robert Heinkel, and Burton Hollifield. 1997. Defensive mechanisms and managerial discretion. Journal of Finance 52/4 (September): 1,467-1,493.
    • (1997) Journal of Finance , vol.52 , Issue.4
    • Giammarino, R.1    Heinkel, R.2    Hollifield, B.3
  • 18
    • 4444250143 scopus 로고    scopus 로고
    • Popping poison pills
    • (April)
    • Harbert, Tam. 2002. Popping poison pills. Electronic Business 28/4 (April): 21.
    • (2002) Electronic Business , vol.28 , Issue.4 , pp. 21
    • Harbert, T.1
  • 20
    • 0000058883 scopus 로고    scopus 로고
    • Agency, bid resistance and the market for corporate control
    • (September)
    • Holl, Peter, and Dimitris Kyriazis. 1997a. Agency, bid resistance and the market for corporate control. Journal of Business Finance & Accounting 24/7-8 (September): 1,037-1,066.
    • (1997) Journal of Business Finance & Accounting , vol.24 , Issue.7-8
    • Holl, P.1    Dimitris, K.2
  • 21
    • 0001979168 scopus 로고    scopus 로고
    • Wealth creation and bid resistance in UK takeover bids
    • (June)
    • Holl, Peter. 1997b. Wealth creation and bid resistance in UK takeover bids. Strategic Management Journal 18/6 (June): 483-498.
    • (1997) Strategic Management Journal , vol.18 , Issue.6 , pp. 483-498
    • Holl, P.1
  • 22
    • 0344412307 scopus 로고
    • Target abnormal returns associated with acquisition announcements
    • (December)
    • Huang, Yen-Sheng, and Ralph A. Walkling. 1987. Target abnormal returns associated with acquisition announcements. Journal of Financial Economics 19/2 (December): 329-349.
    • (1987) Journal of Financial Economics , vol.19 , Issue.2 , pp. 329-349
    • Huang, Y.-S.1    Walkling, R.A.2
  • 23
    • 0021888802 scopus 로고
    • The wealth effects of litigation by targets: Do interests diverge in a merge?
    • (April)
    • Jarrell, Gregg A. 1985. The wealth effects of litigation by targets: Do interests diverge in a merge? Journal of Law and Economics 28/1 (April): 151-179.
    • (1985) Journal of Law and Economics , vol.28 , Issue.1 , pp. 151-179
    • Jarrell, G.A.1
  • 24
    • 45949112827 scopus 로고
    • Shark repellents and stock prices: The effects of antitakeover amendments since 1980
    • (September)
    • Jarrell, Greg A., and Annette B. Poulsen. 1987. Shark repellents and stock prices: The effects of antitakeover amendments since 1980. Journal of Financial Economics 19/1 (September): 127-169.
    • (1987) Journal of Financial Economics , vol.19 , Issue.1 , pp. 127-169
    • Jarrell, G.A.1    Poulsen, A.B.2
  • 25
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • (October)
    • Jensen, Michael C., and William H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3/4 (October): 305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 26
    • 0004959536 scopus 로고    scopus 로고
    • Take-over activity, CEO turnover, and the market for corporate control
    • (March)
    • Kennedy, V.A., and R.J. Limmack. 1996. Take-over activity, CEO turnover, and the market for corporate control. Journal of Business Finance and Accounting 23/2 (March): 267-285.
    • (1996) Journal of Business Finance and Accounting , vol.23 , Issue.2 , pp. 267-285
    • Kennedy, V.A.1    Limmack, R.J.2
  • 27
    • 0000435597 scopus 로고
    • Golden parachutes, executive decision making, and shareholder wealth
    • (April)
    • Lambert, Richard A., and David F. Larcker. 1985. Golden parachutes, executive decision making, and shareholder wealth. Journal of Accounting & Economics 7/1-3 (April): 179-204.
    • (1985) Journal of Accounting & Economics , vol.7 , Issue.1-3 , pp. 179-204
    • Lambert, R.A.1    Larcker, D.F.2
  • 28
    • 84989133355 scopus 로고
    • An empirical investigation of the effect of corporate charter antitakeover amendments on stockholder wealth
    • (January)
    • Mahoney, James M., and Joseph T. Mahoney. 1993. An empirical investigation of the effect of corporate charter antitakeover amendments on stockholder wealth. Strategic Management Journal 14/1 (January): 17-32.
    • (1993) Strategic Management Journal , vol.14 , Issue.1 , pp. 17-32
    • Mahoney, J.M.1    Mahoney, J.T.2
  • 29
    • 33748582079 scopus 로고
    • Poison pill securities: Stockholder wealth, profitability and ownership structure
    • Malatesta, Paul, and Ralph A. Walkling. 1988. Poison pill securities: Stockholder wealth, profitability and ownership structure. Journal of Financial Economics: 347-376.
    • (1988) Journal of Financial Economics , pp. 347-376
    • Malatesta, P.1    Walkling, R.A.2
  • 30
    • 84977707515 scopus 로고
    • Corporate performance, corporate takeovers and management turnover
    • (June)
    • Martin, Kenneth J., and John J. McConnell. 1991. Corporate performance, corporate takeovers and management turnover. Journal of Finance 46/2 (June): 671-88.
    • (1991) Journal of Finance , vol.46 , Issue.2 , pp. 671-688
    • Martin, K.J.1    McConnell, J.J.2
  • 31
    • 0040456133 scopus 로고
    • Targeted repurchases and common stock returns
    • (Winter)
    • Mikkelson, Wayne H. 1991. Targeted repurchases and common stock returns. Rand Journal of Economics 22/4 (Winter): 544-562.
    • (1991) Rand Journal of Economics , vol.22 , Issue.4 , pp. 544-562
    • Mikkelson, W.H.1
  • 32
    • 84977702541 scopus 로고
    • Efficiency and organizational structure: A study of reverse LBOs
    • (December)
    • Muscarella, Chris J., and Michael R. Vetsuypens. 1990. Efficiency and organizational structure: A study of reverse LBOs. Journal of Finance 45/5 (December): 1,389-1,414.
    • (1990) Journal of Finance , vol.45 , Issue.5
    • Muscarella, C.J.1    Vetsuypens, M.R.2
  • 33
    • 21344477286 scopus 로고
    • An empirical examination of white knight corporate takeovers: Synergy and overbidding
    • (Winter)
    • Niden, Cathy M. 1993. An empirical examination of white knight corporate takeovers: Synergy and overbidding. Financial Management 22/4 (Winter): 28-45.
    • (1993) Financial Management , vol.22 , Issue.4 , pp. 28-45
    • Niden, C.M.1
  • 34
    • 38249038470 scopus 로고
    • The creation of a class of limited voting common stock and shareholder wealth
    • (June)
    • Partch, M. Megan. 1987. The creation of a class of limited voting common stock and shareholder wealth. Journal of Financial Economics 18/2 (June): 313-351.
    • (1987) Journal of Financial Economics , vol.18 , Issue.2 , pp. 313-351
    • Partch, M.M.1
  • 35
    • 84936824259 scopus 로고
    • The effects of antitakeover amendments on takeover activity: Some direct evidence
    • Pound, John. 1987. The effects of antitakeover amendments on takeover activity: Some direct evidence. Journal of Law and Economics 30/2: 353-367.
    • (1987) Journal of Law and Economics , vol.30 , Issue.2 , pp. 353-367
    • Pound, J.1
  • 36
    • 4444222452 scopus 로고    scopus 로고
    • Hostile bidders, long-term performance, and restructuring methods: Evidence from the UK
    • (January)
    • Raj, Mahendra, and Michael Forsyth. 2002. Hostile bidders, long-term performance, and restructuring methods: Evidence from the UK. American Business Review 20/1 (January): 71-81.
    • (2002) American Business Review , vol.20 , Issue.1 , pp. 71-81
    • Raj, M.1    Forsyth, M.2
  • 37
    • 4444342572 scopus 로고    scopus 로고
    • The bids sure are getting hostile
    • @ www.businessweek.com (14 January)
    • Thornton, Emily. 2002. The bids sure are getting hostile. Business Week Online @ www.businessweek.com (14 January).
    • (2002) Business Week Online
    • Thornton, E.1
  • 38
    • 0041738622 scopus 로고    scopus 로고
    • Tender offers and target management responses: Managerial entrenchment versus stockholder interest revisited
    • (February)
    • Thosar, Satish. 1996. Tender offers and target management responses: Managerial entrenchment versus stockholder interest revisited. Financial Review 31/1 (February): 87-105.
    • (1996) Financial Review , vol.31 , Issue.1 , pp. 87-105
    • Thosar, S.1
  • 39
    • 4444328549 scopus 로고
    • Use of ESOPs against bids lowers stock. (6 June)
    • Use of ESOPs against bids lowers stock. 1989. Wall Street Journal (6 June): C1.
    • (1989) Wall Street Journal
  • 40
    • 0011490625 scopus 로고
    • Overpaying in corporate takeovers: The winner's curse
    • (May-June)
    • Varaiya, Nikhil, and Kenneth Ferris. 1987. Overpaying in corporate takeovers: The winner's curse. Financial Analysts Journal 43/3 (May-June): 64-70.
    • (1987) Financial Analysts Journal , vol.43 , Issue.3 , pp. 64-70
    • Varaiya, N.1    Ferris, K.2
  • 41
    • 84934561779 scopus 로고
    • Golden parachutes: CEOs and the exercise of social influence
    • (December)
    • Wade, James, Charles A. O'Reilly III, and Ike Chandratat. 1990. Golden parachutes: CEOs and the exercise of social influence. Administrative Science Quarterly 35/4 (December): 587-603.
    • (1990) Administrative Science Quarterly , vol.35 , Issue.4 , pp. 587-603
    • Wade, J.1    O'Reilly III, C.A.2    Chandratat, I.3
  • 42
    • 85075674481 scopus 로고
    • Agency theory, managerial welfare, and takeover bid resistance
    • (Spring)
    • Walkling, Ralph A., and Michael S. Long. 1984. Agency theory, managerial welfare, and takeover bid resistance. Rand Journal of Economics 15/1 (Spring): 54-69.
    • (1984) Rand Journal of Economics , vol.15 , Issue.1 , pp. 54-69
    • Walkling, R.A.1    Long, M.S.2
  • 43
    • 84989026655 scopus 로고
    • Mergers, acquisitions and the pruning of managerial deadwood
    • (March)
    • Walsh, J., and J. Ellwood. 1991. Mergers, acquisitions and the pruning of managerial deadwood. Strategic Management Journal 12/3 (March): 201-217.
    • (1991) Strategic Management Journal , vol.12 , Issue.3 , pp. 201-217
    • Walsh, J.1    Ellwood, J.2
  • 44
    • 4444315821 scopus 로고    scopus 로고
    • Discussion of agency, bid resistance and the market for corporate control
    • (September)
    • Wright, Mike. 1997. Discussion of agency, bid resistance and the market for corporate control. Journal of Business Finance & Accounting 24/7-8 (September): 1,067-1,075.
    • (1997) Journal of Business Finance & Accounting , vol.24 , Issue.7-8
    • Wright, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.