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| Tekijä: | Mulherin, J. H. Poulsen, A. B. |
| Otsikko: | Proxy contests and corporate change: implications for shareholder wealth. |
| Lehti: | Journal of Financial Economics
1998 : MAR , VOL. 47: 3, p. 279-313 |
| Asiasana: | CORPORATE RESTRUCTURING PROXY CONTESTS SHAREHOLDERS TURNOVER WEALTH |
| Kieli: | eng |
| Tiivistelmä: | The authors study the shareholder wealth effects of 270 proxy contests for board seats in the 1979-1994 period. They find that proxy contests create value, with the bulk of the wealth gains stemming from firms that are acquired. Restricting analysis to firms listed on Compustat imparts a downward bias on estimated wealth effects because such a restriction excludes a sizable fraction of the firms acquired during the proxy contest. For firms that are not acquired, the occurrence of management turnover has a significant, positive effect on shareholder wealth because firms replacing management are more likely to restructure following the contest. |
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