search query: @author Hanson, R. C. / total: 1
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| Author: | Hanson, R. C. Song, M. S. |
| Title: | Ownership structure and managerial incentives : the evidence from acquisitions by dual class firms |
| Journal: | Journal of Business Finance and Accounting
1996 : JUL, VOL. 23:5&6, p. 831-849 |
| Index terms: | VOTING INCENTIVES MERGERS SHAREHOLDERS MANAGERS |
| Language: | eng |
| Abstract: | This study investigates whether managers of dual class firms pursue a strategy of maximizing shareholder wealth when making investment decisions. This issue is explored by analyzing acquisitions made by dual class firms and the relation between the wealth effects of these acquisitions and managers' preferences for shares with superior voting rights. The evidence indicates that shareholders of each class of stock on average receive negative returns around announcements of acquisitions, but holders of shares with superior voting rights suffer significantly more wealth loss. |
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