The differential impact on stockholder wealth of various antitakeover provisions

Article Abstract:

The effects of antitakeover provisions on shareholder wealth are examined using a sample of 486 antitakeover provisions implemented by 381 companies between 1984 and 1988. The study focuses on six types of provisions: supermajority, fair-price, classified boards, anti-greenmail, poison pills and reduction in cumulative voting. Results suggest that non-operating provisions requiring stockholder approval and operating provisions that do not require such approval both result in negative market reactions. However, there is some evidence of differentiation between individual provisions by shareholders.

Research, Stockholders, Corporate anti-takeover measures, Antitakeover strategies

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The impact of rules allocating legal responsibilities between principals and agents

Article Abstract:

A principal-agent relationship exists between employers and their employees. Under the law, such a relationship is governed by rules that allocate liability between principals and agents. The problem faced by principals who, despite their efforts to the contrary, motivate an agent to behave in a manner that exposes them to liability is modelled. The model shows that, in certain instances, agents may prefer rules that increase their liability. The model is applied to two other issues surrounding the principal-agent relationship.

Other Justice, Public Order, and Safety Activities, Criminal Law NEC, Analysis, Interpretation and construction, Criminal liability of juristic persons, Juristic persons criminal liability, Criminal law, Agency (Law)

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Sticking to the Rules for Once

Article Abstract:

The General Agreement on Tariffs and Trade (GATT) is being used to settle a dispute between Europe and the United States. GATT is supposed to set rules for world trade. Steel and agriculture are the most sensitive areas concerned.

Agriculture, Europe

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