NDLI: Poison Pills, Optimal Contracting and the Market for Corporate Control: Evidence from Fortune 500 Firms

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Poison Pills, Optimal Contracting and the Market for Corporate Control: Evidence from Fortune 500 Firms

Content Provider	Semantic Scholar
Author	Chakraborty, Atreya Baum, Christopher F.
Copyright Year	1997
Abstract	The rationale for issuing poison pill securities remains unclear, despite the findings of a large body of prior research that these defenses adversely affect shareholder wealth. This paper investigates the hypothesis that the adoption of such defenses may reflect shareholders' desire to contract efficiently with their managers in an environment characterized by hostile takeovers and uncertainty about the managers' true performance. Unlike previous research, we focus on financial characteristics of firms as they relate to the motives for adopting such defenses. Our empirical research does not support the optimal contacting hypothesis. We interpret our results as supportive of the managerial entrenchment hypothesis.
Starting Page	1120
Ending Page	1138
Page Count	19
File Format	PDF HTM / HTML
Volume Number	10
Alternate Webpage(s)	http://fmwww.bc.edu/EC-P/WP393.pdf
Alternate Webpage(s)	https://dlib.bc.edu/islandora/object/bc-ir:102977/datastream/PDF/download/citation.pdf
Alternate Webpage(s)	https://works.bepress.com/atreya_chakraborty/24/download/
Alternate Webpage(s)	http://www.bc.edu/content/dam/files/schools/cas_sites/economics/pdf/workingpapers/wp393.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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