Takeover defenses: Entrenchment and efficiency
Tài liệu tham khảo
Atanassov, 2013, Do hostile takeovers stifle innovation? Evidence from antitakeover legislation and corporate patenting, J. Financ., 68, 1097, 10.1111/jofi.12019
Baliga, 1996, CEO duality and firm performance: what's the fuss?, Strat. Manag. J., 17, 41, 10.1002/(SICI)1097-0266(199601)17:1<41::AID-SMJ784>3.0.CO;2-#
Bar-Gill, O., Bebchuk, L.A., 2003. Misreporting and corporate performance. working paper, harvard law school.
Bebchuk, 2005, The cost of entrenched boards, J. Financ. Econ., 78, 409, 10.1016/j.jfineco.2004.12.006
Bebchuk, 2002, The powerful antitakeover force of staggered boards: further findings and a reply to symposium participants, Stanf. Law Rev., 55, 885, 10.2307/1229675
Bebchuk, 2009, What matters in corporate governance?, Rev. Financ. Stud., 22, 783, 10.1093/rfs/hhn099
Bertrand, 2003, Enjoying the quiet life? Corporate governance and managerial preferences, J. Polit. Econ., 111, 1043, 10.1086/376950
Bhojraj, 2009, Making sense of cents: an examination of firms that marginally miss or beat analyst forecasts, J. Financ., 64, 2361, 10.1111/j.1540-6261.2009.01503.x
Borokhovich, 1997, CEO contracting and antitakeover amendments, J. Financ., 52, 1495, 10.1111/j.1540-6261.1997.tb01118.x
Bradertscher, 2011, Overvaluation and the choice of alternative earnings management mechanisms, Account. Rev., 86, 1491, 10.2308/accr-10092
Brickley, 1997, Leadership structure: separating the CEO and chairman of the board, J. Corp. Financ., 3, 189, 10.1016/S0929-1199(96)00013-2
Carhart, 1997, On persistence in mutual fund performance, J. Financ., 52, 57, 10.1111/j.1540-6261.1997.tb03808.x
Chemmanur, 2011, Management quality and antitakeover provisions, J. Law Econ., 54, 651, 10.1086/655805
Cohen, 2013, How do staggered boards affect shareholder value? Evidence from a natural experiment, J. Financ. Econ., 110, 627, 10.1016/j.jfineco.2013.08.005
Cohen, D., Shailendra, P., Wasley, C., Zach, T., 2015. Measuring realactivity management. Working Paper.
Core, 2006, Does weak governance cause weak stock returns? An examination of firm operating performance and investors' expectations, J. Financ., 61, 655, 10.1111/j.1540-6261.2006.00851.x
Cremers, 2009, Takeovers and the cross-section of returns, Rev. Financ. Stud., 22, 1409, 10.1093/rfs/hhn032
Cremers, M., Litov, L., Sepe, S., 2014. Staggered boards and firm value, revisited. University of Notre Dame, Working Paper.
Daines, 2001, Does delaware law improve firm value?, J. Financ. Econ., 62, 559, 10.1016/S0304-405X(01)00086-1
Daines, 2001, Do IPO charters maximize firm value? Antitakeover protection in IPOs, J. Law Econ., 17, 83, 10.1093/jleo/17.1.83
Degeorge, 1999, Earnings management to exceed thresholds, J. Bus., 72, 1, 10.1086/209601
Dichev, 2002, Large-sample evidence on the debt covenant hypothesis, J. Account. Res., 40, 1091, 10.1111/1475-679X.00083
Falaye, 2007, Does one hat fit all? The case of corporate leadership structure, J. Manag. Gov., 11, 239, 10.1007/s10997-007-9028-3
Falaye, 2007, Classified boards, firm value, and management entrenchment, J. Financ. Econ., 83, 501, 10.1016/j.jfineco.2006.01.005
Fama, 1980, Agency problems and the theory of the firm, J. Polit. Econ., 88, 288, 10.1086/260866
Fama, 1993, Common risk factors in the returns on stocks and bonds, J. Financ. Econ., 33, 3, 10.1016/0304-405X(93)90023-5
Field, 2002, Takeover defenses of IPO firms, J. Financ., 57, 1857, 10.1111/0022-1082.00482
Ge, W., Tanlu, L., Zhang, J., 2014. Board destaggering: corporate governance out of focus? University of Washington, Working paper.
Gompers, 2003, Corporate governance and equity prices, Q. J. Econ., 118, 107, 10.1162/00335530360535162
Grossman, 1980, Takeover bids, the free-rider problem, and the theory of the corporation, Bell J. Econ., 11, 42, 10.2307/3003400
Gunny, 2010, The relation between earnings management using real activities manipulation and future performance: evidence from meeting earnings benchmarks, Contemp. Account. Res., 27, 855, 10.1111/j.1911-3846.2010.01029.x
Holmstrom, 1989, Agency costs and innovation, J. Econ. Behav. Organ., 12, 305, 10.1016/0167-2681(89)90025-5
Jarrell, 1987, Shark repellents and stock prices: the effects of antitakeover amendments since 1980, J. Financ. Econ., 19, 127, 10.1016/0304-405X(87)90032-8
Jensen, 1993, The modern industrial revolution, exit and the failure of internal control systems, J. Financ., 48, 831, 10.1111/j.1540-6261.1993.tb04022.x
Jensen, 2005, The agency costs of overvalued equity, Financ. Manag., 34, 5, 10.1111/j.1755-053X.2005.tb00090.x
Jensen, 1983, The market for corporate control: the scientific evidence, J. Financ. Econ., 11, 5, 10.1016/0304-405X(83)90004-1
Karpoff, 1989, The wealth effects of second-generation state takeover legislation, J. Financ. Econ., 25, 291, 10.1016/0304-405X(89)90085-8
Kogan, L., Papanikolaou, D., Seru, A., Stoffman, N., 2012. Technological innovation, resource allocation, and growth. NBER Working paper No. 17769.
Kothari, 2005, Performance matched discretionary accrual measures, J. Account. Econ., 39, 129, 10.1016/j.jacceco.2004.02.003
Larcker, 2011, The market reaction to corporate governance regulation, J. Financ. Econ., 101, 431, 10.1016/j.jfineco.2011.03.002
Linn, 1983, An empirical investigation of the impact of ‘antitakeover’ amendments on common stock prices, J. Financ. Econ., 11, 361, 10.1016/0304-405X(83)90017-X
Low, 2009, Managerial risk-taking vehavior and equity-based compensation, J. Financ. Econ., 92, 470, 10.1016/j.jfineco.2008.05.004
Manso, 2011, Motivating innovation, J. Financ., 66, 1823, 10.1111/j.1540-6261.2011.01688.x
Meulbroek, 1990, Shark repellents and managerial myopia: an empirical test, J. Political Econ., 98, 1108, 10.1086/261721
Robb, 2000, Earnings management: the effect of ex-ante earnings management expectations, J. Account. Audit. Financ., 15, 371, 10.1177/0148558X0001500401
Rosenbaum, 1983, The central role of the propensity score in observational studies for causal effects, Biometrika, 70, 41, 10.1093/biomet/70.1.41
Roychoudhury, 2006, Earnings management through real activities management, J. Account. Econ., 42, 335, 10.1016/j.jacceco.2006.01.002
Sapra, 2014, Corporate governance and innovation: theory and evidence, J. Financ. Quant. Anal., 49, 957, 10.1017/S002210901400060X
Scharfstein, 1988, Product-market competition and managerial slack, Rand J. Econ., 19, 147, 10.2307/2555404
Shipman, 2016, Propensity score matching in accounting research, Account. Rev.
Shleifer, 1990, Equilibrium short horizon of investors and firms, Am. Econ. Rev., 80, 148
Skinner, 2002, Earnings surprises, growth expectations and stock returns or don’t let an earnings torpedo sink your portfolio, Rev. Account. Stud., 7, 289, 10.1023/A:1020294523516
Stein, 1988, Takeover threats and managerial myopia, J. Polit. Econ., 96, 61, 10.1086/261524
Szewczyk, 1992, State control in the market for corporate control: the case of Pennsylvania senate bill 1310, J. Financ. Econ., 31, 3, 10.1016/0304-405X(92)90009-M
Zang, 2012, Evidence on the trade-off between real activities manipulation and accrual-based earnings management, Account. Rev., 87, 675, 10.2308/accr-10196