Corporate-governance-related proposals received the strongest support, particularly those related to antitakeover measures
, board pensions, and shareholder voting.
Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures
, Working Paper 4316.
It has already been suggested that antitakeover measures
in general erode shareholder value.
91 billion yen due to costs in adopting antitakeover measures
1857, 1858-62 (2002) (examining the incidence of antitakeover measures
in IPO firms).
This same year, the board amended the corporation's bylaws and adopted antitakeover measures
These firms, therefore, are more likely to adopt antitakeover measures
, such as classified boards, than those that are not under-valued by the market (Davis, 1991).
firms are more likely to incorporate in Delaware when their home state has a constituency statute, after controlling for the other antitakeover measures
that the state has.
Although one might think this secrecy could be useful to raiders who want to acquire a large stake in a firm, other antitakeover measures
, such as a limitation on the number of shares that may be voted, make hostile takeovers more difficult in Switzerland than in the United States.
Bull-Dog, which currently has no antitakeover measures
, will propose the plan in the form of a special resolution at its general shareholders meeting, scheduled for June 24.
519, 613 (1992) (stating that "[iln much the same way corporations adopted antitakeover measures
to prevent transactions threatening to usurp management's power, so too can management undermine the power of institutional shareholders by diluting or restricting their voting power"); Chase Amends Bylaws to Fortify Defenses Against Takeovers, Asian Wall St.
Agrawal and Mandelker (1990), Brickley, Lease, and Smith (1988), and Jarrell and Poulsen (1987) report a negative relation between the adoption of antitakeover measures
that are harmful to shareholders and the level of institutional ownership.