Anti-Takeover Amendments, Managerial Entrenchment, And Shareholders' Interests
AbstractThis paper focuses on testing alternative hypotheses that relate the adoption of anti-takeover defences to the financial characteristics of firms that adopt them. We focus on the creation of a composite measure of anti-takeover defences and then relate the intensity of this measure to the motives for instituting these defences. Our estimates indicate that while the intensity of takeover defences is negatively related to Tobin's Q and financial leverage to a significant degree, proxies for inside information play no casual role in explaining this intensity. We interpret our results as supportive of the managerial entrenchment hypotheses.
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Bibliographic InfoPaper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 220.
Date of creation: Dec 1993
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Postal: Boston College, 140 Commonwealth Avenue, Chestnut Hill MA 02467 USA
Web page: http://fmwww.bc.edu/EC/
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