Business, Management and Accounting
2 years ago

Managerial share ownership impacts stock prices of antitakeover amendment proposals.

The Journal of Finance
Managerial Share Ownership and the Stock Price Effects of Antitakeover Amendment Proposals
Victoria B. McWilliams

Paper Summary

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The article examines how managerial share ownership affects stock prices when companies propose antitakeover amendments. The researchers found that there is a negative relationship between managerial share ownership and stock price reactions, except for fair price amendment proposals. This suggests that when managers own more shares, stock prices tend to react negatively to antitakeover amendment proposals, except in cases where fair price amendments are involved.