메뉴 건너뛰기




Volumn 14, Issue 3, 2008, Pages 274-288

Undoing the powerful anti-takeover force of staggered boards

Author keywords

Classified board of directors; Corporate governance; Shareholder activism; Staggered board of directors

Indexed keywords


EID: 44649133185     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2008.03.007     Document Type: Article
Times cited : (88)

References (52)
  • 1
    • 84977738325 scopus 로고
    • A generalized econometric model and tests of a signaling hypothesis with two discrete signals
    • Acharya S. A generalized econometric model and tests of a signaling hypothesis with two discrete signals. Journal of Finance 43 (1988) 413-429
    • (1988) Journal of Finance , vol.43 , pp. 413-429
    • Acharya, S.1
  • 2
    • 84993899491 scopus 로고
    • Value of latent information: alternative event study methods
    • Acharya S. Value of latent information: alternative event study methods. Journal of Finance 48 (1993) 363-385
    • (1993) Journal of Finance , vol.48 , pp. 363-385
    • Acharya, S.1
  • 3
    • 84971947837 scopus 로고
    • Large shareholders and the monitoring of managers: the case of antitakeover charter amendments
    • Agrawal A., and Mandelker G. Large shareholders and the monitoring of managers: the case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis 25 (1990) 143-161
    • (1990) Journal of Financial and Quantitative Analysis , vol.25 , pp. 143-161
    • Agrawal, A.1    Mandelker, G.2
  • 4
    • 40849094618 scopus 로고    scopus 로고
    • Bates, T., Becher, D., Lemmon, M., (2008). Board classification and managerial entrenchment: evidence from the market for corporate control. Journal of Financial Economics. 87, 656-677.
    • Bates, T., Becher, D., Lemmon, M., (2008). Board classification and managerial entrenchment: evidence from the market for corporate control. Journal of Financial Economics. 87, 656-677.
  • 6
    • 0036579045 scopus 로고    scopus 로고
    • The powerful antitakeover force of staggered boards: theory, Evidence, and policy
    • Bebchuk L., Coates IV J., and Subramanian G. The powerful antitakeover force of staggered boards: theory, Evidence, and policy. Stanford Law Review 54 (2002) 887-951
    • (2002) Stanford Law Review , vol.54 , pp. 887-951
    • Bebchuk, L.1    Coates IV, J.2    Subramanian, G.3
  • 7
    • 0036975673 scopus 로고    scopus 로고
    • The powerful antitakeover force of staggered boards: a reply to symposium participants and further evidence
    • Bebchuk L., Coates IV J., and Subramanian G. The powerful antitakeover force of staggered boards: a reply to symposium participants and further evidence. Stanford Law Review 55 (2002) 885-918
    • (2002) Stanford Law Review , vol.55 , pp. 885-918
    • Bebchuk, L.1    Coates IV, J.2    Subramanian, G.3
  • 8
    • 44649131391 scopus 로고    scopus 로고
    • Bebchuk, L., Cohen, A., Ferrell, A., 2006. What matters in corporate governance? Working Paper. Harvard Law School.
    • Bebchuk, L., Cohen, A., Ferrell, A., 2006. What matters in corporate governance? Working Paper. Harvard Law School.
  • 9
    • 0000239228 scopus 로고
    • Voting power in the proxy process: the case of antitakeover charter amendments
    • Bhagat S., and Jefferis R. Voting power in the proxy process: the case of antitakeover charter amendments. Journal of Financial Economics 30 (1991) 193-225
    • (1991) Journal of Financial Economics , vol.30 , pp. 193-225
    • Bhagat, S.1    Jefferis, R.2
  • 11
    • 0345772821 scopus 로고    scopus 로고
    • Explaining variation in takeover defenses: blame the lawyers
    • Coates IV J. Explaining variation in takeover defenses: blame the lawyers. California Law Review 89 (2001) 1301-1421
    • (2001) California Law Review , vol.89 , pp. 1301-1421
    • Coates IV, J.1
  • 12
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures
    • Comment R., and Schwert 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, W.2
  • 13
    • 33644912611 scopus 로고    scopus 로고
    • Does weak governance cause weak stock returns? An examination of firm operating performance and investor expectations
    • Core J., Guay W., and Rusticus T. Does weak governance cause weak stock returns? An examination of firm operating performance and investor expectations. Journal of Finance 61 (2006) 655-687
    • (2006) Journal of Finance , vol.61 , pp. 655-687
    • Core, J.1    Guay, W.2    Rusticus, T.3
  • 14
    • 28244478077 scopus 로고    scopus 로고
    • Governance mechanisms and equity prices
    • Cremers K., and Nair V. Governance mechanisms and equity prices. Journal of Finance 60 (2005) 2859-2894
    • (2005) Journal of Finance , vol.60 , pp. 2859-2894
    • Cremers, K.1    Nair, V.2
  • 15
    • 44649139271 scopus 로고    scopus 로고
    • Daines, R., 2005, Do classified boards affect firm value? Takeover defenses after the poison pill. working paper.
    • Daines, R., 2005, Do classified boards affect firm value? Takeover defenses after the poison pill. working paper.
  • 16
    • 0035588238 scopus 로고    scopus 로고
    • Do IPO charters maximize firm value? Antitakeover protection in IPOs
    • Daines R., and Klausner M. Do IPO charters maximize firm value? Antitakeover protection in IPOs. Journal of Law, Economics and Organization 17 (2001) 83-120
    • (2001) Journal of Law, Economics and Organization , vol.17 , pp. 83-120
    • Daines, R.1    Klausner, M.2
  • 17
    • 34447639780 scopus 로고    scopus 로고
    • Business ties and proxy voting by mutual funds
    • Davis G., and Kim H. Business ties and proxy voting by mutual funds. Journal of Financial Economics 85 (2007) 552-570
    • (2007) Journal of Financial Economics , vol.85 , pp. 552-570
    • Davis, G.1    Kim, H.2
  • 18
    • 0000833892 scopus 로고
    • Antitakeover charter amendments and stockholder wealth
    • DeAngelo H., and Rice E. Antitakeover charter amendments and stockholder wealth. Journal of Financial Economics 11 (1983) 329-359
    • (1983) Journal of Financial Economics , vol.11 , pp. 329-359
    • DeAngelo, H.1    Rice, E.2
  • 19
  • 20
    • 44649132030 scopus 로고    scopus 로고
    • Del Guercio, D., Seery, L., Woidtke, T., in press. Do boards pay attention when institutional investors "just vote no"? CEO and director turnover associated with shareholder activism. Journal of Financial Economics.
    • Del Guercio, D., Seery, L., Woidtke, T., in press. Do boards pay attention when institutional investors "just vote no"? CEO and director turnover associated with shareholder activism. Journal of Financial Economics.
  • 21
    • 33847233238 scopus 로고    scopus 로고
    • Corporate governance and the value of cash holdings
    • Dittmar A., and Mahrt-Smith J. Corporate governance and the value of cash holdings. Journal of Financial Economics 83 (2007) 599-634
    • (2007) Journal of Financial Economics , vol.83 , pp. 599-634
    • Dittmar, A.1    Mahrt-Smith, J.2
  • 22
    • 0001759599 scopus 로고
    • Consistent estimation of cross-sectional models in event studies
    • Eckbo E., Maksimovic V., and Williams J. Consistent estimation of cross-sectional models in event studies. Review of Financial Studies 3 (1990) 343-365
    • (1990) Review of Financial Studies , vol.3 , pp. 343-365
    • Eckbo, E.1    Maksimovic, V.2    Williams, J.3
  • 23
    • 33846508475 scopus 로고    scopus 로고
    • Classified boards and long-term value creation
    • Faleye O. Classified boards and long-term value creation. Journal of Financial Economics 83 (2007) 501-529
    • (2007) Journal of Financial Economics , vol.83 , pp. 501-529
    • Faleye, O.1
  • 25
    • 0043095579 scopus 로고    scopus 로고
    • Takeover defenses at IPO firms
    • Field L., and Karpoff J. Takeover defenses at IPO firms. Journal of Finance 57 (2002) 1857-1889
    • (2002) Journal of Finance , vol.57 , pp. 1857-1889
    • Field, L.1    Karpoff, J.2
  • 30
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: the role of institutional investors
    • Gillan S., and Starks L. Corporate governance proposals and shareholder activism: the role of institutional investors. Journal of Financial Economics 57 (2000) 157-305
    • (2000) Journal of Financial Economics , vol.57 , pp. 157-305
    • Gillan, S.1    Starks, L.2
  • 32
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman J. Sample selection bias as a specification error. Econometrica 47 (1979) 153-161
    • (1979) Econometrica , vol.47 , pp. 153-161
    • Heckman, J.1
  • 34
    • 45949112827 scopus 로고
    • Shark repellents and stock prices: the effects of antitakeover amendments since 1980
    • Jarrell G., and Poulsen A. Shark repellents and stock prices: the effects of antitakeover amendments since 1980. Journal of Financial Economics 19 (1987) 127-168
    • (1987) Journal of Financial Economics , vol.19 , pp. 127-168
    • Jarrell, G.1    Poulsen, A.2
  • 35
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen M. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76 (1986) 323-329
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 36
    • 44649084395 scopus 로고    scopus 로고
    • John, K., Kedia, S., 2003. Design of corporate governance: role of ownership structure, takeovers, bank debt, and large shareholder monitoring. Working paper. New York University
    • John, K., Kedia, S., 2003. Design of corporate governance: role of ownership structure, takeovers, bank debt, and large shareholder monitoring. Working paper. New York University
  • 37
    • 0000176289 scopus 로고
    • The wealth effects of second-generation state takeover legislation
    • Karpoff J., and Malatesta P. The wealth effects of second-generation state takeover legislation. Journal of Financial Economics 25 (1989) 291-322
    • (1989) Journal of Financial Economics , vol.25 , pp. 291-322
    • Karpoff, J.1    Malatesta, P.2
  • 38
    • 44649174439 scopus 로고    scopus 로고
    • Institutional shareholders' split personality on corporate governance: active in proxies, passive in IPOs
    • Klausner M. Institutional shareholders' split personality on corporate governance: active in proxies, passive in IPOs. Directorship 28 (2002) 7-13
    • (2002) Directorship , vol.28 , pp. 7-13
    • Klausner, M.1
  • 39
    • 36348986038 scopus 로고    scopus 로고
    • Governance indices and valuation multiples: which causes which?
    • Lehn K., Patro S., and Zhao M. Governance indices and valuation multiples: which causes which?. Journal of Corporate Finance 13 (2007) 907-928
    • (2007) Journal of Corporate Finance , vol.13 , pp. 907-928
    • Lehn, K.1    Patro, S.2    Zhao, M.3
  • 40
    • 0001385395 scopus 로고
    • An empirical investigation of anti-takeover amendments on common stock prices
    • Linn S., and McConnell J. An empirical investigation of anti-takeover amendments on common stock prices. Journal of Financial Economics 11 (1983) 361-399
    • (1983) Journal of Financial Economics , vol.11 , pp. 361-399
    • Linn, S.1    McConnell, J.2
  • 41
    • 0011296716 scopus 로고
    • Takeover bids in the target's boardroom
    • Lipton M. Takeover bids in the target's boardroom. The Business Lawyer 35 (1979) 101-134
    • (1979) The Business Lawyer , vol.35 , pp. 101-134
    • Lipton, M.1
  • 42
    • 85040484267 scopus 로고    scopus 로고
    • The differential impact on shareholder wealth of various anti-takeover provisions
    • Mahoney J., Sundaramurthy C., and Mahoney J. The differential impact on shareholder wealth of various anti-takeover provisions. Managerial and Decision Economics 17 (1996) 531-549
    • (1996) Managerial and Decision Economics , vol.17 , pp. 531-549
    • Mahoney, J.1    Sundaramurthy, C.2    Mahoney, J.3
  • 43
    • 84977727262 scopus 로고
    • Managerial share ownership and the stock price effects of antitakeover amendment proposals
    • McWilliams V. Managerial share ownership and the stock price effects of antitakeover amendment proposals. Journal of Finance 45 (1990) 1627-1640
    • (1990) Journal of Finance , vol.45 , pp. 1627-1640
    • McWilliams, V.1
  • 46
    • 0031539124 scopus 로고    scopus 로고
    • Conditional methods in event studies and an equilibrium justification for standard event study procedures
    • Prabhala N.R. Conditional methods in event studies and an equilibrium justification for standard event study procedures. Review of Financial Studies 10 (1997) 1-38
    • (1997) Review of Financial Studies , vol.10 , pp. 1-38
    • Prabhala, N.R.1
  • 47
  • 50
    • 34249697685 scopus 로고    scopus 로고
    • Shareholder proposals in the new millennium: shareholder support, board response, and market reaction
    • Thomas R., and Cotter J. Shareholder proposals in the new millennium: shareholder support, board response, and market reaction. Journal of Corporate Finance 13 (2007) 368-391
    • (2007) Journal of Corporate Finance , vol.13 , pp. 368-391
    • Thomas, R.1    Cotter, J.2
  • 51
  • 52
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation for firms with a small board of directors
    • Yermack D. Higher market valuation for firms with a small board of directors. Journal of Financial Economics 40 (1996) 185-211
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.