Update--the effects of dual-class recapitalizations on shareholder wealth: including evidence from 1986 and 1987 : a study
The Office, 1987 - Business & Economics - 9 pages
What people are saying - Write a review
We haven't found any reviews in the usual places.
Amex announcement day average insider holdings averaged 41.4 percent CAR is significantly CAR negative characteristics of firms Chief Economist class of common common stock companies confidence level CRSP cumulative abnormal returns daily abnormal returns day AR CAR day is significantly delisted firms different from zero disparate voting rights earlier study Effects of Dual-Class estimate Event Mean Mean find a two-day find significant negative firms adopting firms proposing dual-class firms that recapitalized Food Lion Fortune 500 fraction negative daily insider ownership issuing a second lower insider holdings market performance Mean Fraction day Mean Mean Fraction moratorium period negative daily abnormal net-of-market returns net-of-market stock price NYSE firms NYSE moratorium Panel post-moratorium firms post-moratorium period pre-moratorium and post-moratorium pre-moratorium firms pre-moratorium period Recapitalization on Shareholder recapitalizations in 1987 recapitalizing firm sample second class shareholder wealth effects significantly different standard t-tests stock price changes stock splits stock with disparate Table 4 reports Takeover Defenses