English, Article edition: Financial institution default frequencies and takeover defenses Elizabeth Webb

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Bookmark: http://trove.nla.gov.au/version/8663
Physical Description
  • article
Language
  • English

Edition details

Title
  • Financial institution default frequencies and takeover defenses
Author
  • Elizabeth Webb
Physical Description
  • article
Notes
  • Purpose – The purpose of this paper is to examine the relationship between estimated default frequencies (EDFs) and a government index that proxies for takeover defense provisions for publicly-traded financial institutions from 2002 to 2004. Design/​methodology/​approach – Using a sample of publicly-traded financial institutions, the effect of anti-takeover provisions on EDFs was analyzed. Findings – It was found that financial institutions with multiple takeover defenses tend to have lower EDFs compared with those with fewer takeover defenses. This result is robust to a variety of specifications and is supportive of the wealth distribution hypothesis. Further, it appears that the result is primarily driven by non-depository institutions. This may imply that regulation of depository institutions mitigates takeover defense effects on managerial behavior. Originality/​value – This paper adds to the corporate finance literature, which reports mixed findings on the relationships between takeover defenses and firm value.
  • Corporate governance, Default, Financial institutions, Take-overs
  • RePEc:eme:sefpps:v:24:y:2007:i:4:p:286-296
Language
  • English
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