Do outside directors monitor managers? Evidence from tender offer bids

Article Abstract:

An analysis of the impact of outside corporate directors on managers is presented.The analysis is based on data taken from 128 tender offer bids from 1980-1987. It is shown that bidding firms where independent outside directors hold half ofthe seats exhibit higher announcement-date abnormal returns than other bidders.In addition, the results imply the possibility of having many independent outside directors.

Corporate directors, Tender offers (Securities), Tender offers

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Locking out rival bidders: the use of lockup options in corporate mergers

Article Abstract:

Research is presented concerning the evaluation of 2,067 corporate mergers announced between 1988 and 1995 to determine the factors which reduce competition from rival bidders. Little evidence of damage to shareholder wealth was discovered.

Mergers & Acquisitions, Management, Mergers, acquisitions and divestments, Acquisitions and mergers, Business enterprises

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Divisional diversity and the conglomerate discount: evidence from spinoffs

Article Abstract:

The variety of available investments in diversified firms can have an adverse effect upon these firms' value.

Diversified Companies, Capital funds & cash flow, Evaluation, Investments, Valuation, Spinoff company, Spinoffs (Corporate)

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