Proxy contests and corporate change: implications for shareholder wealth

Article Abstract:

Proxy contests develop value, given the volume of the wealth gains generated from firms that are acquired. Limiting analysis to companies included on Compustat reveal a downward inclination on projected wealth effects because such a limitation remove a fairly large fraction of the firms acquired during the proxy contest. For companies that are not acquired, the management turnover has an important, positive impact on shareholder wealth because firms substituting management may possibly restructure after the contest.

Investor Relations, Proxy Fights, Analysis, Business enterprises, Proxy, Proxy solicitation firms, Proxy solicitation services

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The Effect of Pre-Emptive Right Amendments on Shareholder Wealth

Article Abstract:

The effect on shareholder wealth of removing preemptive rights from corporate charters is examined. Samples of 303 preemptive rights amendments from 1962 through 1981 are examined. A decrease in shareholder wealth is observed. Rights offerings are more beneficial to shareholders than underwritten offerings and less costly. The amendment causes share prices to fall on mailing date.

Corporations, Financial institution charters

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Effects of Recontracting on Shareholder Wealth

Article Abstract:

The effects of voluntary corporate spin-off announcements on shareholder wealth is examined. A significant positive average share price is evidenced for ninety-three spin- offs from 1963 through 1981. Shareholder gains come from related regulatory and tax constraints, improved managerial efficiency, and, partially, at the expense of bondholders.

Stockholders, By-products

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