Value

Working Paper

Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

This paper studies the effects of anti-takeover provisions on takeovers and identifies the channels through which they create or destroy value for firms, as well as for the economy as a whole. We provide causal estimates – that also deal with the...Read more

Vicente Cuñat
Mireia Giné
01 August 2016

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 literature, our...Read more

Kornelia Fabisik
Ruediger Fahlenbrach
René Stulz
Jérôme Taillard
20 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 to focus on...Read more

Jonathan Macey
Joshua Mitts
22 December 2018

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