Antitakeover Provisions and Shareholder Wealth: A Survey of the Literature

72 Pages Posted: 11 Jul 2012 Last revised: 14 Feb 2013

See all articles by Miroslava Straska

Miroslava Straska

Virginia Commonwealth University (VCU) - School of Business

H. Gregory Waller

Virginia Commonwealth University School of Business

Date Written: January 22, 2013

Abstract

We survey theoretical and empirical research on antitakeover provisions, focusing on the relationship between antitakeover provisions and shareholder value. We divide the empirical studies based upon the evidence that they provide: short-term event studies, studies on performance and policy changes around adopting antitakeover provisions or passing state antitakeover laws, studies on the impact of antitakeover provisions on takeovers, studies on the relation between antitakeover provisions and firm characteristics, and long-term studies on the relation between antitakeover provisions and firm performance or policies. We also discuss the place of antitakeover provisions in the current debate about "good governance" practices.

Keywords: Antitakeover Provisions, Governance Index, Corporate Governance, G-Index, E-Index

JEL Classification: G30, G34, K22

Suggested Citation

Straska, Miroslava and Waller, H. Gregory, Antitakeover Provisions and Shareholder Wealth: A Survey of the Literature (January 22, 2013). Journal of Financial and Quantitative Analysis (JFQA), Forthcoming, Available at SSRN: https://ssrn.com/abstract=2103770 or http://dx.doi.org/10.2139/ssrn.2103770

Miroslava Straska

Virginia Commonwealth University (VCU) - School of Business ( email )

Richmond, VA 23284-4000
United States

H. Gregory Waller (Contact Author)

Virginia Commonwealth University School of Business ( email )

Richmond, VA 23226
United States

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