The appraisal remedy and merger premiums |
| |
Authors: | Mahoney, PG Weinstein, M |
| |
Affiliation: | 1 University of Virginia School of Law, 580 Massie Road, Charlottesville, VA 22903, USA 2 University of Southern California Marshall School of Business and School of Law, CA, USA z Corresponding author Fax: 804 924 7536 E-mail: pgm9h@virginia.edu |
| |
Abstract: | The appraisal remedy affords corporate shareholders the optionto redeem their shares for cash in the event of certain transactions,including mergers. Access to appraisal for publicly traded shares,however, differs from state to state. We present the first large-sampleempirical study of the effect of appraisal rights on targetshareholder gains from acquisitions. We examine 1,350 mergersinvolving publicly held firms. We find some evidence that appraisalreduces average shareholder gains in transactions involvingself-interested managers. For the entire sample, however, wefind no evidence that appraisal has any effect, positive ornegative, on target shareholder gains from takeovers. |
| |
Keywords: | |
本文献已被 Oxford 等数据库收录! |
|