| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP3521
|
| DP3521 Europe's 'New' Stock Markets |
| laura bottazzi; Marco Da Rin
|
| 发表日期 | 2002-08-20
|
| 出版年 | 2002
|
| 语种 | 英语
|
| 摘要 | This Paper argues that once undistorted shareholder choice is ensured ? which can be done by making it necessary for hostile bidders to win a vote of shareholder support ? boards should not have veto power over takeover bids. The Paper considers all of the arguments that have been offered for board veto ? including ones based on analogies to other corporate decisions, directors? superior information, bargaining by management, pressures on managers to focus on the short-run, inferences from IPO charters, interests of long-term share-holders, aggregate shareholder wealth, and protection of stakeholders. Examining these arguments both at the level of theory and in light of all available empirical evidence, the Paper concludes that none of them individually, nor all of them taken together, warrants a board veto. Finally, the Paper discusses the implications that the analysis has for judicial review of defensive tactics. |
| 主题 | Financial Economics
|
| 关键词 | Corporate governance
Corporate control
Takeovers
Mergers and acquisitions
Takeover bids
Tender offers
Takeover defences
|
| URL | https://cepr.org/publications/dp3521
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532532
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推荐引用方式
GB/T 7714 |
laura bottazzi,Marco Da Rin. DP3521 Europe's 'New' Stock Markets. 2002.
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