Defensive Changes in Corporate Payout Policy: Share Repurchases and Special Dividends
研究公司为应对敌意收购而宣布的防御性支付，发现股票回购公告平均导致股价下跌，而特别股息则增加股东财富；最终保持独立的公司在控制权争夺期间股价上涨，且后续资本、资产和所有权结构发生显著变化，高管更替率异常高。
ABSTRACT This paper examines defensive payouts announced in response to hostile corporate control activity. The evidence indicates that the announcement of defensive share repurchases is associated with an average negative impact on the share price of the target firm. In contrast, special dividend payments generally increase the wealth of target firm shareholders. Regardless of payout type, those firms remaining independent after the outcome of the corporate control contest experience an abnormal share price increase over the duration of the contest. Among these firms there are substantial post‐contest changes in capital, asset, and ownership structure and abnormally high rates of top management turnover.