【简报】北京大学汇丰商学院系列学术研讨会(167)
2016-01-08 00:00:00
2015年12月30日，在汇丰商学院335教室，来自昆尼皮亚克大学的Choonsik Lee教授带来题为“Determinants of the State Antitakeover Statutes Opt-Out: The Role of Corporate Liquidity Needs”的讲座。
Abstract:
Using a large panel sample covering 2002–2009, we find that firms with larger cash holdings are less likely to opt out of state antitakeover statutes (ATS). This result suggests that firms with higher liquidity needs have incentive to protect their internal cash from unsolicited bids from the corporate control market. The quasi-natural experiment of the 2007 financial crisis and a two-stage least squares analysis provide robustness to our finding: the benefit of reserving cash is greater than the cost from less monitoring from the corporate control market when the internal cash is more valuable during the financial crisis and under limited external financing. We also find that shareholders with a better-functioning board are more sensitive to the value of internal cash when determining whether to opt out of ATS.
Abstract:
Using a large panel sample covering 2002–2009, we find that firms with larger cash holdings are less likely to opt out of state antitakeover statutes (ATS). This result suggests that firms with higher liquidity needs have incentive to protect their internal cash from unsolicited bids from the corporate control market. The quasi-natural experiment of the 2007 financial crisis and a two-stage least squares analysis provide robustness to our finding: the benefit of reserving cash is greater than the cost from less monitoring from the corporate control market when the internal cash is more valuable during the financial crisis and under limited external financing. We also find that shareholders with a better-functioning board are more sensitive to the value of internal cash when determining whether to opt out of ATS.
