Institutional and Legal Context in Natural Experiments: The Case of State Antitakeover Laws

Autor:	Jonathan M. Karpoff, Michael D. Wittry
Rok vydání:	2018
Předmět:	040101 forestry Economics and Econometrics 050208 finance media_common.quotation_subject 05 social sciences Context (language use) 04 agricultural and veterinary sciences State (polity) Accounting Law 0502 economics and business Economics 0401 agriculture forestry and fisheries Natural (music) Finance media_common
Zdroj:	The Journal of Finance. 73:657-714
ISSN:	0022-1082
DOI:	10.1111/jofi.12600
Popis:	We argue and demonstrate empirically that a firm's institutional and legal context has first‐order effects in tests that use state antitakeover laws for identification. A priori, the size and direction of a law's effect on a firm's takeover protection depends on (i) other state antitakeover laws, (ii) preexisting firm‐level takeover defenses, and (iii) the legal regime as reflected by important court decisions. In addition, (iv) state antitakeover laws are not exogenous for many easily identifiable firms. We show that the inferences from nine prior studies related to nine different outcome variables change substantially when we include controls for these considerations.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::e5b508ad9ef079d9c9a9da38047898ea https://doi.org/10.1111/jofi.12600 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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