| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3502 |
| DP3502 Entry in Telecommunication: Customer Loyalty, Price Sensitivity and Access Prices | |
| Lars Sørgard; Kjell Erik Lommerud | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper empirically investigates the decisions of US publicly traded firms on where to incorporate. We study the features of states that make them attractive to incorporating firms and the characteristics of firms that determine whether they incorporate in or out of their state of location. We find that states that offer stronger antitakeover protections are substantially more successful both in retaining in-state firms and in attracting out-of-state incorporations. We estimate that, compared with adopting no antitakeover statutes, adopting all standard antitakeover statutes enabled the states that adopted them to more than double the percentage of local firms that incorporated in-state (from 23% to 49%). Indeed, the incorporation market has not even penalized the three states that passed two extreme antitakeover statutes that have been widely viewed as detrimental to shareholders. We also find that there is commonly a big difference between a state's ability to attract incorporations from firms located in and out of the state, and we investigate several possible explanations for this home-state advantage. Finally, we find that Delaware's dominance is greater than has been recognized and can be expected to increase further in the future. Our findings have significant implications for corporate governance, regulatory competition, and takeover law. |
| 主题 | Financial Economics |
| 关键词 | Delaware Incorporation Corporate governance Regulatory competition Managers Shareholders Takeovers Antitakeover statutes Antitakeover defences Home bias |
| URL | https://cepr.org/publications/dp3502 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532516 |
| 推荐引用方式 GB/T 7714 | Lars Sørgard,Kjell Erik Lommerud. DP3502 Entry in Telecommunication: Customer Loyalty, Price Sensitivity and Access Prices. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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