Value

Working Paper

01 March 2019

Shadow Pills, Pill Policy, and Firm Value

We analyze the impact of the right to adopt a poison pill – a “shadow pill” – on pill policy and firm value by exploiting the quasi-natural experiment provided by U.S. states’ staggered adoption of poison pill laws that validate...

Martijn Cremers | Scott B. Guernsey | Lubomir P. Litov | Simone Sepe
22 December 2018

Asking the Right Question: The Statutory Right of Appraisal and Efficient Markets

In this Article, we make several contributions to the literature on appraisal rights and similar cases in which courts assign values to a company’s shares in the litigation context. First, we applaud the recent trend in Delaware cases...

Jonathan Macey | Joshua Mitts
20 December 2018

Why Are Firms with More Managerial Ownership Worth Less?

Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm’s Tobin’s q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior...

Kornelia Fabisik | Ruediger Fahlenbrach | René Stulz | Jérôme Taillard

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