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Saturday, November 14, 2020 | History

4 edition of Antitakeover charter amendments found in the catalog.

Antitakeover charter amendments

Virginia K. Rosenbaum

Antitakeover charter amendments

a directory of major American corporations : 1985 supplement

by Virginia K. Rosenbaum

  • 139 Want to read
  • 23 Currently reading

Published by Investor Responsibililty Research Center in Washington, DC .
Written in English

    Places:
  • United States
    • Subjects:
    • Corporations -- United States -- Directories.,
    • Consolidation and merger of corporations -- United States -- Directories.

    • Edition Notes

      Other titlesAntitakeover charter amendments.
      StatementVirginia K. Rosenbaum.
      ContributionsInvestor Responsibility Research Center.
      Classifications
      LC ClassificationsHG4057 .A1562 1985 suppl.
      The Physical Object
      Pagination100 p. ; 28 cm.
      Number of Pages100
      ID Numbers
      Open LibraryOL2324215M
      ISBN 100931035074
      LC Control Number86208644
      OCLC/WorldCa13610859

      The acquiring firm can assign the excess of purchase price over the book value of equity acquired to depreciable assets, whereas the NOLs and tax-credits of the target are unobtainable. Types of Preventative Antitakeover Measures. Poison pills Corporate charter amendments Golden parachutes Charter amendments requiring higher than. Discover Book Depository's huge selection of John Pound books online. Free delivery worldwide on over 20 million titles.   WESTLAKE, Ohio — Among the numerous proposed charter amendments that voters in Westlake will consider in November is a proposal to remove gender-specific language from the city's charter.   A few hours after Judge Young's statement, Bendix announced that it had postponed until Monday a special stockholders meeting called to seek shareholder approval of two antitakeover amendments to.


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Antitakeover charter amendments by Virginia K. Rosenbaum Download PDF EPUB FB2

Journal of Financial Economics 11 () North-Holland Publishing Company ANTITAKEOVER CHARTER AMENDMENTS AND STOCKHOLDER WEALTH* Harry DeANGELO University of Rochester, Rochester, NYUSA Edward M. RICE University of Washington, Seattle, WAUSA Received Novemberfinal version received November Many Antitakeover charter amendments book corporations have recently adopted antitakeover charter Cited by: Get this from a library.

The impact of antitakeover charter amendments on contests for corporate control. [John Pound; Investor Responsibility Research Center.

Corporate Governance Service.]. Journals & Books; Help Many large corporations have recently adopted antitakeover charter amendments which make the transfer of corporate control more difficult. This paper develops and tests competing theoretical explanations for the passage of these amendments.

In one view, antitakeover provisions are adopted because incumbent management Cited by: DeAngelo, Harry & Rice, Edward M., "Antitakeover charter amendments and stockholder wealth," Journal of Financial Economics, Elsevier, vol. 11(), pages In recent years many shareholders have voted to amend their corporate charters to decrease the likelihood of a hostile takeover.

Critics of antitakeover amendments argue that by sheltering management from the market for corporate control, management may become entrenched and be less likely to act in the best interest of by: Antitakeover charter amendments book paper examines the role of large shareholders in monitoring managers when they propose antitakeover charter amendments.

We attempt to distinguish between two competing hypotheses: the “active monitoring hypothesis” and the “passive voting hypothesis.” We find a statistically significant positive relation between institutional. “ Antitakeover Charter Amendments and Stockholder Wealth.” Journal of Financial Economics, 11 (), Downloadable.

In recent years many shareholders have voted to amend their corporate charters to decrease the likelihood of a hostile takeover. Critics of antitakeover amendments argue that by sheltering management from the market for corporate control, management may become entrenched and be less likely to act in the best interest of shareholders.

Anti-Takeover Measure: Measures taken on a continual or sporadic basis by a firm's management in order to prevent or deter unwanted takeovers. ANTITAKEOVER CHARTER AMENDMENTS: EFFECTS ON Antitakeover charter amendments book DECISIONS ANTITAKEOVER CHARTER AMENDMENTS: EFFECTS ON CORPORATE DECISIONS Pugh, William N.; Page, Daniel E.; Jahera, John S.

Introduction In recent years many shareholders have voted to amend their corporate charters to decrease the likelihood of a hostile. The non-financial effects (NFE) antitakeover amendment addresses the duties of company directors and management when faced with a possible takeover bid.

The NFE amendment either permits or requires managers to consider the interests of the company's stakeholders during takeover bids. Other types of antitakeover devices have been viewed as protecting either stockholder or management. Many large corporations have recently adopted antitakeover charter amendments which make the transfer of corporate control more difficult.

This paper develops and tests competing theoretical. DeAngelo, H., & Rice, E. Antitakeover charter amendments and stockholder wealth. Journal of Financial Economics, 11(), ANTITAKEOVER AND MYOPIC BEHAVIOR. Antitakeover charter amendments are amendments to a firm's charter which are passed by a vote of the common stockholders of the firm.

These amendments modify the rights and possible activities of the firm's stakeholders. Stakeholders include target firm management as well as shareholders.

The case of antitakeover charter amendments Sanjai Bhagat and Richard H. Jefferis” University of Colorado, Boulder, COUSA Received Julyfinal version received March The likelihood that a firm will enact a management-sponsored antitakeover charter amendment depends on ownership structure.

This research examined the subsequent longterm investment consequences of the adoption of antitakeover charter amendments by U.S. industrial manufacturing firms. Longterm investment a major determinant offuture economic growth and business competitiveness was assessed by analyzing research and development and capital investment intensity levels.

News Professor Cheng-Few Lee ranks #1 based on his publications in the 26 core finance journals, and # based on publications in the 7 leading finance journals (Source: Most Prolific Authors in the Finance Literature: OCo by Jean L Heck and Philip L Cooley (Saint Joseph's University and Trinity University).

Advances in Quantitative Analysis of Finance and Accounting is an annual. In JuneAustralia adopted amendments to the takeover legislation that restricted the way in which partial takeover can be conducted, and allowed target companies to implement antitakeover.

This paper tests competing theoretical explanations for the passage of corporate charter antitakeover amendments. The managerial entrenchment hypothesis suggests that antitakeover amendments are adopted by incumbent management to obtain job security at stockholders' expense.

An alternative hypothesis is that antitakeover amendments are proposed. The evidence on contract wages, Journal of Financial Econom Scharfstein, David, The disciplinary role of takeovers, Review of Economic Stud Schnitzer, Monika, Breach of trust in takeovers and the optimal corporate charter, Journal of Industrial Econom Another excellent book by David Ellis.

Many firms have sought protection from hostile takeovers by passing defensive amendments to their corporate charter and/or lobbying their state legislatures for statutory protection. Agency theory would suggest that any such takeover defenses alter the principal-agent relationship.

A consequence of such a change may be a change in corporate decision making. DeAngelo, Harry, and Edward M. Rice,Antitakeover charter amendments and shareholder wealth, Journal of Financial Econom Gaver, Jennifer, and Kenneth Gaver,Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Accounting.

Pound, J.,The Effects of Antitakeover Amendments on Takeover Activity: Some Direct Evidence, Journal of Law and Econom – Crossref, Google Scholar Pound, J.,Shareholder Activism and Share Values: The Causes and Consequences of Countersolicitations Agains Management Antitakeover Proposals, Journal of Law.

The Case of Antitakeover Charter Amendments Anup Agrawal and Gershon N. Mandelker* Abstract This paper examines the role of large shareholders in monitoring managers when they propose antitakeover charter amendments. We attempt to distinguish between two com-peting hypotheses: the "active monitoring hypothesis" and the "passive voting hypothe-sis.".

At the heart of the controversy surrounding antitakeover provisions is whether these provisions enhance or detract from shareholder value. Managers believe that these provisions "represent a sound and reasonable means of addressing the complex issues of corporate policy created by the current takeover environment" (Lindeman, Cl), whereas, vocal shareholders argue that these.

antitakeoveramendments(Jarrell&Poulsen,;Sundaramurthy,;Walsh&Seward,). Thisstudyconcentrates on corporate charterantitakeover amendments and is motivated by the considerablecontroversy that surrounds the useof antitakeover amendmentsby United States'.

antitakeover charter provisions apparently has, in fact, contributed to the outcome of some struggles for control. For example, the adoption by PSA, Inc. of a broad spectrum of shark repellant charter provisions appears to have been the determining factor in fending off.

Agrawal, A. and Mandelker, G. Large shareholders and the monitoring of managers, the case of antitakeover charter amendment. Journal of Financial and Quantitative analysis, 25,   Agrawal, A.

and G. Mandelker,"Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments," Journal of Financial and Quantitative Analysis (June), Ambrose, B.W. and W.L. Megginson,"The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition.

Corporate Constitutionalism: Antitakeover Charter Provisions as Pre-Commitment Marcel Kahan New York University Law School Edward B. Rock University of Pennsylvania Carey Law School dorsing shareholder-approYed antitakeover charter amendments, but opposing anti­.

A corporate charter amendment that prohibits targeted share purchases at a premium from an outside shareholder without the approval of nonparticipating shareholders. Antitakeover amendment Corporate charter amendment that is intended to make takeovers.

Foster faculty recommend favorite books on macroeconomic trends. Edward Rice. Associate Professor of Finance and Business Economics. Education PhD University of California, Los Angeles () MBA University of Rochester () “ Antitakeover Charter Amendments and Stockholder Wealth.

A company’s certificate of incorporation or bylaws, however, may include so-called lock-in provisions that require supermajority voting on specified amendments to a company’s charter documents.

Lock-in provisions force a hostile acquirer to control a greater number of shares in order to eliminate a company’s corporate structural defense. "Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments," (with A.

Agrawal) Journal of Financial and Quantitative Analysis, XXV, June"Executive Compensation and Corporate Performance in Electric and Gas Utilities," (with A.

Agrawal and A. Makhija), Financial Management, XXI, Winter "The results suggest that CEOs propose antitakeover amendments in part to protect their jobs, and thereby secure above-market levels of compensation," said Kelly Brunarski, co-author of the study.

Over the past decade or so, courts have been willing to apply the “contractarian” theory to the organizational documents of corporations: charters (certificates or articles of incorporation) and bylaws. The notion that the charters and bylaws can be thought of as “contracts”—between a corporation and its shareholders and among the shareholders—dates back to the seminal [ ].

-- The Pricing of Initial Public Offerings: An Option Approach \/ S Liu et al. -- Determinants of Winner-Loser Effects in National Stock Markets \/ M-S Pan -- Earnings Management in Corporate Voting: Evidence from Antitakeover Charter Amendments \/ C-K Hoi et al.

-- Deterministic Portfolio Selection Models, Selection Bias, and an Unlikely Hero. Antigreenmail amendment A corporate charter amendment that prohibits targeted share purchases at a premium from an outside shareholder without the approval of nonparticipating shareholders. Antitakeover amendment Corporate charter amendment that is intended to make takeovers more difficult and/or expensive for an unwanted bidder.

This article is intended to enhance the position of stakeholder theory as an integrating theme for the business and society field. It offers an instrumental theory of stakeholder management based on a synthesis of the stakeholder concept, economic theory, behavioral science, and ethics.

The core theory—that a subset of ethical principles (trust, trustworthiness, and cooperativeness) can. DeAngelo, H. and E.M. Rice,Antitakeover Charter Amendments and Stockholder Wealth, Journal of S. and J.J.

McConnell,An Empirical Investigation of the Impact of Anti-Takeover Amendments on Common Stock Prices Accounting for Growth: The Book They Tried to Ban, Random House UK. Tiernan, F.M. and D.A. Bio.

Brickley has served as a full-time faculty member at the Simon School since He is currently the Gleason Professor of Business Administration.Which of the following are usually considered active antitakeover measures?

a. Greenmail b. Shareholder-rights plan, PP c. Corporate charter amendments d. All of the above 2. Which of the following are usually considered preventative antitakeover measures?

3. Goldsmith was able to circumvent this particular Crown-Zellerbach defense by: 4. William Pugh, Daniel Page and John Jahera, Jr.’s “Antitakeover Charter Amendments: Effects on Corporate Decisions” (published in the Journal of Financial Research in ) tested whether managers adopt a longer-term investment strategy after their firm passes antitakeover charter amendments.

Examining a sample of firms that adopted.