Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w13274 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w13274 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570945 |
推荐引用方式 GB/T 7714 | Jarrad Harford,Dirk Jenter,Kai Li. Conflicts of Interests Among Shareholders: The Case of Corporate Acquisitions. 2007. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w13274.pdf(515KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。