https://scholars.lib.ntu.edu.tw/handle/123456789/631099
標題: | The white squire defense: Evidence from private investments in public equity | 作者: | SHENG-SYAN CHEN Hsu, Ching Yu Huang, Chia Wei |
關鍵字: | Private investment in public equity | Takeover defense | White squire | 公開日期: | 1-三月-2016 | 出版社: | ELSEVIER SCIENCE BV | 卷: | 64 | 起(迄)頁: | 16-35 | 來源出版物: | Journal of Banking and Finance | 摘要: | Firms can effectively stave off outside takeover bids using private investments in public equity (PIPEs) when they face strong takeover pressure. Greater takeover pressure makes PIPE issuers more likely to grant investors large blocks of shares, price discounts, generous dividends, and board seats. Takeover pressure also encourages issuers to place more shares with friendly investors such as managerial investors and strategic alliance investors. The evidence is consistent with the regular methods of the white squire defense. PIPEs can be a preferred method in the choice of a white squire defense when poorly performing and highly overleveraged firms face severe takeover pressure. There is a negative relation between takeover probability and post-issue performance of issuers, which supports the managerial entrenchment hypothesis over the shareholder interest hypothesis. Therefore PIPEs can increase, not mitigate, agency problems. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/631099 | ISSN: | 03784266 | DOI: | 10.1016/j.jbankfin.2015.11.017 |
顯示於: | 財務金融學系 |
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