CORPORATE TAKEOVER BARRIERS: VALUATION AND FIRM PERFORMANCE
研究反收购章程修正、双重股权和毒丸计划等收购壁垒对股价的影响，发现毒丸计划导致显著负面反应，并探讨公司绩效与壁垒构建的关系。
This study provides additional evidence on the share price effect of takeover barriers such as antitakeover charter amendments, dual classes of common stock, and poison pill plans. The share price reaction to the construction of takeover barriers is found to be negative but insignificant. However, when disaggregated by type, significant negative share price reactions are found on construction of poison pill plans. New evidence on the possible relationship between firm performance and takeover barrier construction is also presented. The results of this study suggest that management of ‘efficiently‐run’ firms may construct takeover barriers to deter value‐diminishing takeovers.