The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Takeover Defenses of IPO Firms
Abstract
Many firms deploy takeover defenses when they go public. IPO managers tend to deploy defenses when their compensation is high, shareholdings are small, and oversight from nonmanagerial shareholders is weak. The presence of a defense is negatively related to subsequent acquisition likelihood, yet has no impact on takeover premiums for firms that are acquired. These results do not support arguments that takeover defenses facilitate the eventual sale of IPO firms at high takeover premiums. Rather, they suggest that managers shift the cost of takeover protection onto nonmanagerial shareholders. Thus, agency problems are important even for firms at the IPO stage.
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Citations
Cites
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 Governance and Acquirer Returns
MASULIS, R. W., WANG, C., & XIE, F. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01259.x · Cited by 1,772
The Determinants of Board Structure at the Initial Public Offering
Baker, M., & Gompers, P. A. (2003) · The Journal of Law and Economics · doi:10.1086/380409 · Cited by 624
The Information Content of IPO Prospectuses
Hanley, K. W., & Hoberg, G. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhq024 · Cited by 594
Field, L., Lowry, M., & Mkrtchyan, A. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.02.004 · Cited by 561
Self-citationPolitical Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections
Çolak, G., Durnev, A., & Qian, Y. (2017) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109017000862 · Cited by 486
Metadata
- Authors
- Field, L. C., & Karpoff, J. M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2002-10
- Volume
- 57
- Issue
- 5
- Pages
- 1857-1889
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3125648437
- Cited by
- 485
- References
- 1
- FWCI
- 62.59
- Type
- journal article
- Language
- en
- Open access
- closed
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