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| Author: | Denis, D. J. |
| Title: | Defensive changes in corporate payout policy: share repurchases and special dividends |
| Journal: | Journal of Finance
1990 : DEC, VOL. 45:5, p. 1433-1456 |
| Index terms: | MERGERS SHAREHOLDERS SHARE PRICES DIVIDENDS CONTROL TOP MANAGEMENT LABOUR TURNOVER |
| Language: | eng |
| Abstract: | Defensive payouts announced in response to hostile takeover attempts are examined. The evidence suggests that the announcement of share repurchases is associated with an average negative impact on the share price of the target firm. In contrast, special dividend payments generally increase the wealth of target firm shareholders. Regardless of payout type, those firms remaining independent after the corporate control contest experience an abnormal share price increase during the contest. Among these firms there are substantial post-contest changes in capital, asset and ownership structure and abnormally high rates of top management turnover. |
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