The impact of anti-takeover charter amendments on expectations of future earnings and takeover activity

Article Abstract:

The impact of anti-takeover charter amendments (ATCAs) on corporate earnings and subsequent takeover activity has been examined. The sample data consist of 649 ATCAs implemented between 1979 and 1985 which are listed in Jarrell and Poulsen's research. The study uses three to five-year forecasts by Value Line analysts to study changes in corporate net operating income and net income. Results indicate that ATCAs do not influence financial analysts' projections of financial performance. ATCAs also have no bearing on subsequent takeover activity or takeover premiums following their adoption.

Acquisitions Analysis NEC, Management, Economic aspects, Corporations, Corporate anti-takeover measures, Antitakeover strategies

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Executive compensation, method of payment and abnormal returns to bidding firms at takeover announcements

Article Abstract:

A study was conducted to examine the relationship between method of payment, long-term performance plans, managerial stockholdings and abnormal returns to bidding firms' merger announcements. The study applies cross-sectional regression and deviates from earlier studies where these factors were analyzed individually. Results show that companies with long-term performance plans and high executive stockholdings exhibit greater abnormal returns at takeover announcements.

Finance, Corporate reorganizations

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Efficiency in pre-merger and post-merger non-bank financial institutions

Article Abstract:

Issues concerning the role of efficiency in merger and acquisition deals in Australian credit unions between 1993 and 1997 are discussed. The merger process seems to have been led by high performing credit unions, but the acquired credit unions were no less efficient than the industry average.

Mergers & Acquisitions, Credit Unions

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