메뉴 건너뛰기




Volumn 15, Issue 1, 2009, Pages 129-145

The market for shareholder voting rights around mergers and acquisitions: Evidence from institutional daily trading and voting

Author keywords

Institutions; Shareholder voting rights; Trading

Indexed keywords


EID: 57749085458     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2008.09.015     Document Type: Article
Times cited : (41)

References (63)
  • 2
    • 84937315308 scopus 로고
    • Large shareholder activism, risk sharing, and financial market equilibrium
    • Admati A., Pfleiderer P., and Zechner J. Large shareholder activism, risk sharing, and financial market equilibrium. Journal of Political Economy 102 (1994) 1097-1130
    • (1994) Journal of Political Economy , vol.102 , pp. 1097-1130
    • Admati, A.1    Pfleiderer, P.2    Zechner, J.3
  • 3
    • 57749111439 scopus 로고    scopus 로고
    • Good governance works: more evidence from CalPERS
    • Anson M., White T., and Ho H. Good governance works: more evidence from CalPERS. Journal of Asset Management 5 (2004) 149-156
    • (2004) Journal of Asset Management , vol.5 , pp. 149-156
    • Anson, M.1    White, T.2    Ho, H.3
  • 5
    • 57749091264 scopus 로고    scopus 로고
    • Conflicts of interest and mutual fund proxy voting: evidence from shareholder proposals on executive compensation
    • Georgia State University
    • Ashraf R., Jayaraman N., and Ryan H. Conflicts of interest and mutual fund proxy voting: evidence from shareholder proposals on executive compensation. Working Paper (2008), Georgia State University
    • (2008) Working Paper
    • Ashraf, R.1    Jayaraman, N.2    Ryan, H.3
  • 6
    • 0036235309 scopus 로고    scopus 로고
    • Limited arbitrage in mergers and acquisitions
    • Baker M.P., and Savasoglu S. Limited arbitrage in mergers and acquisitions. Journal of Financial Economics 64 1 (2002) 91-116
    • (2002) Journal of Financial Economics , vol.64 , Issue.1 , pp. 91-116
    • Baker, M.P.1    Savasoglu, S.2
  • 7
    • 84977705467 scopus 로고
    • Negotiated block trades and corporate control
    • Barclay M.J., and Holderness C.G. Negotiated block trades and corporate control. Journal of Finance 46 (1991) 861-878
    • (1991) Journal of Finance , vol.46 , pp. 861-878
    • Barclay, M.J.1    Holderness, C.G.2
  • 8
    • 13244272076 scopus 로고    scopus 로고
    • The case for increasing shareholder power
    • Bebchuk L. The case for increasing shareholder power. Harvard Law Review 118 (2005) 833-917
    • (2005) Harvard Law Review , vol.118 , pp. 833-917
    • Bebchuk, L.1
  • 9
    • 44649114004 scopus 로고    scopus 로고
    • Returns to shareholder activism: evidence from a clinical study of the Hermes U.K. Focus Fund
    • Available at SSRN: http://ssrn.com/abstract=934712
    • Becht M., Franks J.R., Mayer C., and Rossi S. Returns to shareholder activism: evidence from a clinical study of the Hermes U.K. Focus Fund. ECGI-Finance Working Paper No. 138/2006 (2006). http://ssrn.com/abstract=934712 Available at SSRN: http://ssrn.com/abstract=934712
    • (2006) ECGI-Finance Working Paper No. 138/2006
    • Becht, M.1    Franks, J.R.2    Mayer, C.3    Rossi, S.4
  • 10
    • 0036946393 scopus 로고    scopus 로고
    • The impact of the institutional and regulatory environment on shareholder voting
    • Bethel J.E., and Gillan S.L. The impact of the institutional and regulatory environment on shareholder voting. Financial Management 31 4 (2002) 29-54
    • (2002) Financial Management , vol.31 , Issue.4 , pp. 29-54
    • Bethel, J.E.1    Gillan, S.L.2
  • 11
    • 0039403207 scopus 로고    scopus 로고
    • Block share purchases and corporate performance
    • Bethel J., Liebeskind J., and Opler T. Block share purchases and corporate performance. Journal of Finance 53 (1998) 605-634
    • (1998) Journal of Finance , vol.53 , pp. 605-634
    • Bethel, J.1    Liebeskind, J.2    Opler, T.3
  • 13
    • 0011536823 scopus 로고
    • Shareholder passivity reexamined
    • Black B.S. Shareholder passivity reexamined. Michigan Law Review 89 (1990) 520-608
    • (1990) Michigan Law Review , vol.89 , pp. 520-608
    • Black, B.S.1
  • 14
    • 0000119713 scopus 로고
    • Agents watching agents: the promise of institutional voice
    • Black B.S. Agents watching agents: the promise of institutional voice. UCLA Law Review 39 (1992) 811-893
    • (1992) UCLA Law Review , vol.39 , pp. 811-893
    • Black, B.S.1
  • 15
    • 0003087504 scopus 로고    scopus 로고
    • Shareholder activism and corporate governance in the U.S.
    • Newman P. (Ed), Macmillan Reference Limited, London
    • Black B.S. Shareholder activism and corporate governance in the U.S. In: Newman P. (Ed). The New Palgrave Dictionary of Economics and the Law (1998), Macmillan Reference Limited, London
    • (1998) The New Palgrave Dictionary of Economics and the Law
    • Black, B.S.1
  • 17
    • 0002479105 scopus 로고
    • Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley M., Desai A., and Kim E.H. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics 21 (1988) 3-40
    • (1988) Journal of Financial Economics , vol.21 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 18
    • 47749145674 scopus 로고    scopus 로고
    • Hedge fund activism, corporate governance, and firm performance
    • Brav A., Jiang W., Partnoy F., and Thomas R. Hedge fund activism, corporate governance, and firm performance. Journal of Finance 63 4 (2008) 1729-1775
    • (2008) Journal of Finance , vol.63 , Issue.4 , pp. 1729-1775
    • Brav, A.1    Jiang, W.2    Partnoy, F.3    Thomas, R.4
  • 19
    • 11244264160 scopus 로고    scopus 로고
    • Is acquiring-firm shareholder approval in stock-for-stock mergers perfunctory?
    • Burch T.R., Morgan A.G., and Wolf J.G. Is acquiring-firm shareholder approval in stock-for-stock mergers perfunctory?. Financial Management 33 (2004) 45-69
    • (2004) Financial Management , vol.33 , pp. 45-69
    • Burch, T.R.1    Morgan, A.G.2    Wolf, J.G.3
  • 20
    • 0039658576 scopus 로고    scopus 로고
    • The influence of institutions on corporate governance through private negotiations: evidence from TIAA-CREF
    • Carleton W.T., Nelson J.M., and Weisbach M.S. The influence of institutions on corporate governance through private negotiations: evidence from TIAA-CREF. Journal of Finance 53 (1998) 1335-1362
    • (1998) Journal of Finance , vol.53 , pp. 1335-1362
    • Carleton, W.T.1    Nelson, J.M.2    Weisbach, M.S.3
  • 24
    • 62949231263 scopus 로고    scopus 로고
    • Attracting flows by attracting big clients: conflicts of interest and mutual fund portfolio choice
    • Harvard Business School
    • Cohen L., and Schmidt B. Attracting flows by attracting big clients: conflicts of interest and mutual fund portfolio choice. Working Paper (2008), Harvard Business School
    • (2008) Working Paper
    • Cohen, L.1    Schmidt, B.2
  • 27
  • 29
    • 15344343445 scopus 로고    scopus 로고
    • Shareholder investment horizons and the market for corporate control
    • Gaspar J., Massa M., and Matos P.P. Shareholder investment horizons and the market for corporate control. Journal of Financial Economics 76 (2005) 135-165
    • (2005) Journal of Financial Economics , vol.76 , pp. 135-165
    • Gaspar, J.1    Massa, M.2    Matos, P.P.3
  • 30
    • 57749093838 scopus 로고    scopus 로고
    • Goldstein, M., Irvine, P., Kandel, E., and Wiener, Z., Brokerage commissions and institutional trading patterns. forthcoming, Review of Financial Studies.
    • Goldstein, M., Irvine, P., Kandel, E., and Wiener, Z., Brokerage commissions and institutional trading patterns. forthcoming, Review of Financial Studies.
  • 32
    • 84993911479 scopus 로고
    • Information, ownership structure, and shareholder voting: evidence from shareholder-sponsored corporate governance proposals
    • Gordon L.A., and Pound J. Information, ownership structure, and shareholder voting: evidence from shareholder-sponsored corporate governance proposals. Journal of Finance 48 2 (1993) 697-718
    • (1993) Journal of Finance , vol.48 , Issue.2 , pp. 697-718
    • Gordon, L.A.1    Pound, J.2
  • 33
    • 57749109813 scopus 로고    scopus 로고
    • Conflicts of interests among shareholders: the case of corporate acquisitions
    • Available at SSRN: http://ssrn.com/abstract=947596
    • Harford J., Jenter D.C., and Li K. Conflicts of interests among shareholders: the case of corporate acquisitions. MIT Sloan Research Paper No. 4653-07 (2007). http://ssrn.com/abstract=947596 Available at SSRN: http://ssrn.com/abstract=947596
    • (2007) MIT Sloan Research Paper No. 4653-07
    • Harford, J.1    Jenter, D.C.2    Li, K.3
  • 34
    • 0001658867 scopus 로고
    • Raiders or saviors? The evidence on six controversial investors
    • Holderness C.G., and Sheehan D.P. Raiders or saviors? The evidence on six controversial investors. Journal of Financial Economics 14 (1985) 555-579
    • (1985) Journal of Financial Economics , vol.14 , pp. 555-579
    • Holderness, C.G.1    Sheehan, D.P.2
  • 35
    • 57749094557 scopus 로고    scopus 로고
    • Acquirer-shareholder voting rights in mergers and acquisitions
    • Georgia Tech.
    • Hsieh J., and Wang Q. Acquirer-shareholder voting rights in mergers and acquisitions. Working Paper (2007), Georgia Tech.
    • (2007) Working Paper
    • Hsieh, J.1    Wang, Q.2
  • 36
    • 34249699743 scopus 로고    scopus 로고
    • Hedge funds, insiders, and the decoupling of economic and voting ownership: empty voting and hidden (morphable) ownership
    • Hu H., and Black B.S. Hedge funds, insiders, and the decoupling of economic and voting ownership: empty voting and hidden (morphable) ownership. Journal of Corporate Finance 13 (2007) 343-367
    • (2007) Journal of Corporate Finance , vol.13 , pp. 343-367
    • Hu, H.1    Black, B.S.2
  • 38
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs, and capital structure
    • Jensen M.C., and Meckling W. Theory of the firm: managerial behavior, agency costs, and capital structure. Journal of Financial Economics 3 (1976) 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.2
  • 39
    • 0003256425 scopus 로고    scopus 로고
    • Sixteenths: direct evidence on institutional execution costs
    • Jones C.M., and Lipson M.L. Sixteenths: direct evidence on institutional execution costs. Journal of Financial Economics 59 (2001) 253-278
    • (2001) Journal of Financial Economics , vol.59 , pp. 253-278
    • Jones, C.M.1    Lipson, M.L.2
  • 40
    • 43649084979 scopus 로고    scopus 로고
    • Hedge funds in corporate governance and corporate control
    • Available at SSRN: http://ssrn.com/abstract=919881
    • Kahan M., and Rock E.B. Hedge funds in corporate governance and corporate control. U of Penn, Inst for Law & Econ Research Paper No. 06-16 (2006). http://ssrn.com/abstract=919881 Available at SSRN: http://ssrn.com/abstract=919881
    • (2006) U of Penn, Inst for Law & Econ Research Paper No. 06-16
    • Kahan, M.1    Rock, E.B.2
  • 41
  • 42
    • 0030295681 scopus 로고    scopus 로고
    • Corporate governance and shareholder initiatives: empirical evidence
    • Karpoff J., Malatesta P., and Walkling R. Corporate governance and shareholder initiatives: empirical evidence. Journal of Financial Economics 42 (1996) 365-395
    • (1996) Journal of Financial Economics , vol.42 , pp. 365-395
    • Karpoff, J.1    Malatesta, P.2    Walkling, R.3
  • 43
    • 0041785623 scopus 로고
    • Anatomy of the trading process: empirical evidence on the behavior of institutional traders
    • Keim D.B., and Madhavan A. Anatomy of the trading process: empirical evidence on the behavior of institutional traders. Journal of Financial Economics 37 (1995) 371-398
    • (1995) Journal of Financial Economics , vol.37 , pp. 371-398
    • Keim, D.B.1    Madhavan, A.2
  • 44
    • 57749087690 scopus 로고    scopus 로고
    • Klein, A. and Zur, E., Hedge fund activism. New York, Stern School of Business, Mimeo 2006.
    • Klein, A. and Zur, E., Hedge fund activism. New York, Stern School of Business, Mimeo 2006.
  • 45
    • 79958039271 scopus 로고    scopus 로고
    • Volatile markets and institutional trading
    • Darden
    • Lipson M., and Puckett A. Volatile markets and institutional trading. Working paper (2007), Darden
    • (2007) Working paper
    • Lipson, M.1    Puckett, A.2
  • 46
    • 84859154995 scopus 로고
    • A new system of corporate governance: the quinquennial election of directors
    • Lipton M., and Rosenblum S.A. A new system of corporate governance: the quinquennial election of directors. University of Chicago Law Review 58 (1991) 187-253
    • (1991) University of Chicago Law Review , vol.58 , pp. 187-253
    • Lipton, M.1    Rosenblum, S.A.2
  • 47
    • 52049106597 scopus 로고    scopus 로고
    • Cross-ownership, returns, and voting in mergers
    • Matvos G., and Ostrovsky M. Cross-ownership, returns, and voting in mergers. Journal of Financial Economics 89 (2008) 391-403
    • (2008) Journal of Financial Economics , vol.89 , pp. 391-403
    • Matvos, G.1    Ostrovsky, M.2
  • 48
    • 0000175509 scopus 로고
    • An empirical analysis of the interfirm equity investment process
    • Mikkelson W., and Ruback R.S. An empirical analysis of the interfirm equity investment process. Journal of Financial Economics 14 (1985) 523-553
    • (1985) Journal of Financial Economics , vol.14 , pp. 523-553
    • Mikkelson, W.1    Ruback, R.S.2
  • 49
    • 0006968004 scopus 로고    scopus 로고
    • Characteristics of risk and return in risk arbitrage
    • Mitchell M., and Pulvino T. Characteristics of risk and return in risk arbitrage. Journal of Finance 56 6 (2001) 2135-2175
    • (2001) Journal of Finance , vol.56 , Issue.6 , pp. 2135-2175
    • Mitchell, M.1    Pulvino, T.2
  • 51
    • 0002964458 scopus 로고
    • Long-term rewards from shareholder activism: a study of the CalPERS effect
    • Nesbitt S.L. Long-term rewards from shareholder activism: a study of the CalPERS effect. Journal of Applied Corporate Finance 6 (1994) 75-80
    • (1994) Journal of Applied Corporate Finance , vol.6 , pp. 75-80
    • Nesbitt, S.L.1
  • 52
    • 0037376889 scopus 로고    scopus 로고
    • Voting with their feet: institutional ownership changes around forced CEO turnover
    • Parrino R., Sias R.W., and Starks L.T. Voting with their feet: institutional ownership changes around forced CEO turnover. Journal of Financial Economics 68 (2003) 3-46
    • (2003) Journal of Financial Economics , vol.68 , pp. 3-46
    • Parrino, R.1    Sias, R.W.2    Starks, L.T.3
  • 53
    • 57749111699 scopus 로고    scopus 로고
    • Which institutional investors monitor? Evidence from acquisition activity
    • Available at SSRN: http://ssrn.com/abstract=521803
    • Qiu L.X. Which institutional investors monitor? Evidence from acquisition activity. Yale ICF Working Paper No. 04-15 (2006). http://ssrn.com/abstract=521803 Available at SSRN: http://ssrn.com/abstract=521803
    • (2006) Yale ICF Working Paper No. 04-15
    • Qiu, L.X.1
  • 54
    • 34249743792 scopus 로고    scopus 로고
    • An inconsistency in SEC disclosure requirements? The case of the "insignificant" private target
    • Rodrigues U., and Stegemoller M. An inconsistency in SEC disclosure requirements? The case of the "insignificant" private target. Journal of Corporate Finance 13 (2007) 251-269
    • (2007) Journal of Corporate Finance , vol.13 , pp. 251-269
    • Rodrigues, U.1    Stegemoller, M.2
  • 55
    • 0002563407 scopus 로고
    • Political and legal restraints on ownership and control of public companies
    • Roe M.J. Political and legal restraints on ownership and control of public companies. Journal of Financial Economics 27 (1990) 7-41
    • (1990) Journal of Financial Economics , vol.27 , pp. 7-41
    • Roe, M.J.1
  • 56
    • 84920431829 scopus 로고
    • Public pension fund activism in corporate governance reconsidered
    • Romano R. Public pension fund activism in corporate governance reconsidered. Columbia Law Review 93 4 (1993) 795-853
    • (1993) Columbia Law Review , vol.93 , Issue.4 , pp. 795-853
    • Romano, R.1
  • 59
    • 0039120739 scopus 로고    scopus 로고
    • Shareholder activism by institutional investors: evidence from CalPERS
    • Smith M.P. Shareholder activism by institutional investors: evidence from CalPERS. Journal of Finance 51 (1996) 227-252
    • (1996) Journal of Finance , vol.51 , pp. 227-252
    • Smith, M.P.1
  • 60
    • 0038464590 scopus 로고    scopus 로고
    • Does coordinated institutional investor activism reverse the fortunes of underperforming firms?
    • Song W., and Szewczyk S.H. Does coordinated institutional investor activism reverse the fortunes of underperforming firms?. Journal of Financial and Quantitative Analysis 38 (2003) 317-336
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , pp. 317-336
    • Song, W.1    Szewczyk, S.H.2
  • 61
    • 16144367015 scopus 로고    scopus 로고
    • A requiem for the USA: is small shareholder monitoring effective?
    • Strickland D., Wiles K.W., and Zenner M. A requiem for the USA: is small shareholder monitoring effective?. Journal of Financial Economics 40 (1996) 319-338
    • (1996) Journal of Financial Economics , vol.40 , pp. 319-338
    • Strickland, D.1    Wiles, K.W.2    Zenner, M.3
  • 62
    • 84977717653 scopus 로고
    • Corporate takeover bids, method of payment, and bidding firm's stock returns
    • Travlos N.G. Corporate takeover bids, method of payment, and bidding firm's stock returns. Journal of Finance 52 (1987) 943-963
    • (1987) Journal of Finance , vol.52 , pp. 943-963
    • Travlos, N.G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.