The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Why Higher Takeover Premia Protect Minority Shareholders
Open accessAbstract
Posttakeover moral hazard by the acquirer and free‐riding by the target shareholders lead the former to acquire as few sharcs as necessary to gain control. As moral hazard is most severe under such low ownership concentration, inefficiencies arise in successful takeovers. Moreover, share supply is shown to be upward‐sloping. Rules promoting ownership concentration limit both agency costs and the occurrence of takeovers. Furthermore, higher takeover premia induced by competition translate into higher ownership concen‐tration and are thus beneficial. Finally, one share‐one vote and simple majority are generally not optimal, and socially optimal rules need not emerge through private contracting.
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Cites
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Cited by
Corporate ownership structure and the informativeness of accounting earnings in East Asia
Fan, J. P. H., & Wong, T. J. (2002) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(02)00047-2 · Cited by 1,918
Investor protection and equity markets
Shleifer, A., & Wolfenzon, D. (2002) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00149-6 · Cited by 1,077
A Theory of Pyramidal Ownership and Family Business Groups
ALMEIDA, H. V., & WOLFENZON, D. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.01001.x · Cited by 833
Transmission Rights and Market Power on Electric Power Networks
Joskow, P. L., & Tirole, J. (2000) · The RAND Journal of Economics · doi:10.2307/2600996 · Cited by 554
Managers, Workers, and Corporate Control
PAGANO, M., & VOLPIN, P. F. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.00748.x · Cited by 523
Metadata
- Authors
- Burkart, M., Gromb, D., & Panunzi, F.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1998-02
- Volume
- 106
- Issue
- 1
- Pages
- 172-204
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W1968663026
- Cited by
- 354
- References
- 2
- FWCI
- 66.36
- Type
- journal article
- Language
- en
- Open access
- green
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- Burkart, M., Gromb, D., & Panunzi, F. (1998). Why Higher Takeover Premia Protect Minority Shareholders. Journal of Political Economy. https://doi.org/10.1086/250006
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
