Journal of Financial Economics
1974 1976 1977 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1993 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Выпуск N1 за 1995 год
Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures [статья]
Опубликовано на портале: 03-10-2003Robert Comment, G. William Schwert Journal of Financial Economics. 1995. Vol. 39. No. 1. P. 3-43.
This paper provides large-sample evidence that poison pill rights issues, control share laws, and business combination laws have not systematically deterred takeovers and are unlikely to have caused the demise of the 1980s market for corporate control, even though 87% of all exchange-listed firms are now covered by one of these antitakeover measures. We show that poison pills and control share laws are reliably associated with higher takeover premiums for selling shareholders, both unconditionally and conditional on a successful takeover, and we provide updated event study evidence for the three-quarters of all poison pills not yet analyzed. Antitakeover measures increase the bargaining position of target firms, but they do not prevent many transactions.