Poison pill securities: Stockholder wealth, profitability, and ownership structure
Poison pill securities: Stockholder wealth, profitability, and ownership structure
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毒丸证券：股东财富、盈利能力和所有权结构
DOI：
10.1016/0304-405x(88)90050-5
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发表时间：
1988
影响因子：
8.9
通讯作者：
Ralph A. Walkling
中科院分区：
文献类型：
--
作者：
Paul H. Malatesta;Ralph A. Walkling
本文检验了毒丸证券的财富效应假说和采用毒丸证券的公司特征假说。我们的估计表明，毒丸防御在统计上显著减少了股东的财富。我们还发现，采用毒丸防御的公司在采用毒丸防御前一年的利润明显低于其行业的平均水平。此外，这些公司的经理持有本公司股票的比例在统计上显著低于同行业其他公司经理持有股票的平均比例。
This paper tests hypotheses about the wealth effects of poison pill securities and hypotheses about the characteristics of firms that adopt them. Our estimates indicate that poison pill defenses reduce stockholder wealth by a statistically significant amount. We also find that firms that adopt poison pill defenses are significantly less profitable than the average firm in their industries during the year prior to adoption. Moreover, the managers of these firms hold statistically significantly smaller fractions of their own firms' stock than the average fraction held by managers of other firms in the same industries.