Identifying Control Motives in Managerial Ownership: Evidence from Antitakeover Legislation

This study uses the introduction of second-generation antitakeover legislation as a natural experimental setting to infer the value that managers place on the control rights conferred by stock ownership. We conjecture that managers will reduce their stockholdings in the post-legislation period becau...

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Veröffentlicht in:	The Review of financial studies 2005-07, Vol.18 (2), p.637-672
Hauptverfasser:	Cheng, Shijun, Nagar, Venky, Rajan, Madhav V.
Format:	Artikel
Sprache:	eng
Schlagworte:	Anti takeover strategy Business structures Common stock Direct sales Finance Financial leverage Financial management Incorporation Investment policy Law firms Legislation Management Manager behavior Market value Ownership Risk management Stakeholders Stock shares Stockholders Studies Take-overs
Online-Zugang:	Volltext
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