Takeover defenses in the era of shareholder activism

• Main Author: SHIN, Sa-Pyung Sean
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2016
• Subjects: Shareholder Activism; Hedge Fund Activism; Takeover Defense; Staggered Board; Classified Board; Shareholder Rights Plan; Poison Pill; Dual-class Shares; Business and Corporate Communications; Corporate Finance
• Online Access: https://ink.library.smu.edu.sg/soa_research/1578; https://ink.library.smu.edu.sg/context/soa_research/article/2605/viewcontent/SSRN_id2842695.pdf
• Institution: Singapore Management University

This paper examines the interplay between takeover defenses and shareholder activism. Using a comprehensive sample of shareholder activism events between 2006 and 2014, I find a differential impact of takeover defense measures on the likelihood of being targeted for activism; a dual-class structure...