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来源类型Working Paper
规范类型报告
DOI10.3386/w13274
来源IDWorking Paper 13274
Conflicts of Interests Among Shareholders: The Case of Corporate Acquisitions
Jarrad Harford; Dirk Jenter; Kai Li
发表日期2007-07-20
出版年2007
语种英语
摘要We identify important conflicts of interests among shareholders and examine their effects on corporate decisions. When a firm is considering an action that affects other firms in its shareholders' portfolios, shareholders with heterogeneous portfolios may disagree about whether to proceed. This effect is measurable and potentially large in the case of corporate acquisitions, where bidder shareholders with holdings in the target want management to maximize a weighted average of both firms' equity values. Empirically, we show that such cross-holdings are large for a significant group of institutional shareholders in the average acquisition and for a majority of institutional shareholders in a significant number of deals. We find evidence that managers consider cross-holdings when identifying potential targets and that they trade off cross-holdings with synergies when selecting them. Overall, we conclude that conflicts of interests among shareholders are sizeable and, at least in the case of acquisitions, affect managerial decisions.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w13274
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/570945
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GB/T 7714
Jarrad Harford,Dirk Jenter,Kai Li. Conflicts of Interests Among Shareholders: The Case of Corporate Acquisitions. 2007.
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