Jurisdictional competition for corporate charters and firm value: a reexamination of the Delaware effect
Author
Abstract
Suggested Citation
DOI: 10.1057/s41310-017-0029-4
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Lucian Arye Bebchuk & Allen Ferrell, 2001. "A New Approach to Takeover Law and Regulatory Competition," NBER Working Papers 8148, National Bureau of Economic Research, Inc.
- Duru, Augustine & Wang, Dechun & Zhao, Yijiang, 2013. "Staggered boards, corporate opacity and firm value," Journal of Banking & Finance, Elsevier, vol. 37(2), pages 341-360.
- Bebchuk, Lucian A. & Cohen, Alma, 2005.
"The costs of entrenched boards,"
Journal of Financial Economics, Elsevier, vol. 78(2), pages 409-433, November.
- Lucian Bebchuk, "undated". "The Costs of Entrenched Boards," American Law & Economics Association Annual Meetings 1091, American Law & Economics Association.
- Lucian Bebchuk & Alma Cohen, 2004. "The Costs of Entrenched Boards," NBER Working Papers 10587, National Bureau of Economic Research, Inc.
- Hausman, Jerry A & Taylor, William E, 1981.
"Panel Data and Unobservable Individual Effects,"
Econometrica, Econometric Society, vol. 49(6), pages 1377-1398, November.
- Hausman, Jerry A. & Taylor, William E., 1981. "Panel data and unobservable individual effects," Journal of Econometrics, Elsevier, vol. 16(1), pages 155-155, May.
- J. A. Hausman & W. E. Taylor, 1980. "Panel Data and Unobservable Individual Effects," Working papers 255, Massachusetts Institute of Technology (MIT), Department of Economics.
- Jagannathan, Murali & Pritchard, A.C., 2017. "Do Delaware CEOs get fired?," Journal of Banking & Finance, Elsevier, vol. 74(C), pages 85-101.
- Paul Gompers & Joy Ishii & Andrew Metrick, 2003.
"Corporate Governance and Equity Prices,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 107-156.
- Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2001. "Corporate Governance and Equity Prices," NBER Working Papers 8449, National Bureau of Economic Research, Inc.
- Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2002. "Corporate Governance and Equity Prices," Center for Financial Institutions Working Papers 02-32, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Lucian Arye Bebchuk & John C. Coates IV & Guhan Subramanian, 2002. "The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence and Policy," NBER Working Papers 8974, National Bureau of Economic Research, Inc.
- Lucian Bebchuk & Alma Cohen & Allen Ferrell, 2002. "Does the Evidence Favor State Competition in Corporate Law?," NBER Working Papers 9380, National Bureau of Economic Research, Inc.
- Pornsit Jiraporn & Young Kim & Wallace Davidson, 2005. "CEO compensation, shareholder rights, and corporate governance: An empirical investigation," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 29(2), pages 242-258, June.
- Bebchuk, Lucian Arye & Hamdani, Assaf, 2002.
"Optimal Defaults for Corporate Law Evolution,"
CEPR Discussion Papers
3140, C.E.P.R. Discussion Papers.
- Lucian Arye Bebchuk & Assaf Hamdani, 2002. "Optimal Defaults for Corporate Law Evolution," NBER Working Papers 8703, National Bureau of Economic Research, Inc.
- Romano, Roberta, 1985. "Law as a Product: Some Pieces of the Incorporation Puzzle," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(2), pages 225-283, Fall.
- Marianne Bertrand & Sendhil Mullainathan, 2003.
"Enjoying the Quiet Life? Corporate Governance and Managerial Preferences,"
Journal of Political Economy, University of Chicago Press, vol. 111(5), pages 1043-1075, October.
- Bertrand, Marianne & Mullainathan, Sendhil, 2003. "Enjoying the Quiet Life? Corporate Governance and Managerial Preferences," Scholarly Articles 3429713, Harvard University Department of Economics.
- Kahan, Marcel & Kamar, Ehud, 2002. "The Myth of State Competition in Corporate Law," Berkeley Olin Program in Law & Economics, Working Paper Series qt3xq7p9xw, Berkeley Olin Program in Law & Economics.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Lambert, Richard A. & Larcker, David F., 1985. "Golden parachutes, executive decision-making, and shareholder wealth," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 179-203, April.
- Jiraporn, Pornsit & Kittiakarasakun, Jullavut & Chintrakarn, Pandej, 2012. "Does Delaware Incorporation Affect Executive Compensation? An Empirical Analysis," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 8(1), pages 1-17, February.
- Ahn, Seoungpil & Shrestha, Keshab, 2013. "The differential effects of classified boards on firm value," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 3993-4013.
- Guhan Subramanian, 2004. "The Disappearing Delaware Effect," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 20(1), pages 32-59, April.
- Faleye, Olubunmi, 2007. "Classified boards, firm value, and managerial entrenchment," Journal of Financial Economics, Elsevier, vol. 83(2), pages 501-529, February.
- Aleksandra Kacperczyk, 2009. "With greater power comes greater responsibility? takeover protection and corporate attention to stakeholders," Strategic Management Journal, Wiley Blackwell, vol. 30(3), pages 261-285, March.
- Bebchuk, Lucian Arye & Cohen, Alma, 2003.
"Firms' Decisions Where to Incorporate,"
Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 383-425, October.
- Bebchuk, Lucian Arye & Cohen, Alma, 2002. "Firms' Decisions on Where to Incorporate," CEPR Discussion Papers 3514, C.E.P.R. Discussion Papers.
- Lucian Bebchuk & Alma Cohen, 2002. "Firms' Decisions Where to Incorporate," NBER Working Papers 9107, National Bureau of Economic Research, Inc.
- Lucian Bebchuk & Alma Cohen & Allen Ferrell, 2009. "What Matters in Corporate Governance?," The Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 783-827, February.
- Ann K. Buchholtz & Jill A. Brown, 2015. "Shareholder Democracy as a Misbegotten Metaphor," Palgrave Macmillan Books, in: Maria Goranova & Lori Verstegen Ryan (ed.), Shareholder Empowerment, chapter 0, pages 81-102, Palgrave Macmillan.
- Qian Xie, 2013. "Does Delaware Incorporation Encourage Effective Monitoring? An Examination on Director Compensation," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 4(4), pages 26-37, October.
- Krishnan, C.N.V. & Solomon, Steven Davidoff & Thomas, Randall S., 2017. "The impact on shareholder value of top defense counsel in mergers and acquisitions litigation," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 480-495.
- Steven N. Kaplan & Luigi Zingales, 1997. "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(1), pages 169-215.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Chen, Dong, 2012. "Classified boards, the cost of debt, and firm performance," Journal of Banking & Finance, Elsevier, vol. 36(12), pages 3346-3365.
- Sattar A. Mansi & William F. Maxwell & John K. Wald, 2009. "Creditor Protection Laws and the Cost of Debt," Journal of Law and Economics, University of Chicago Press, vol. 52(4), pages 701-717, November.
- Sokolyk, Tatyana, 2011. "The effects of antitakeover provisions on acquisition targets," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 612-627, June.
- Chen, I-Ju & Hsu, Po-Hsuan & Wang, Yanzhi, 2022. "Staggered boards and product innovations: Evidence from Massachusetts State Bill HB 5640," Research Policy, Elsevier, vol. 51(4).
- Heli Wang & Shan Zhao & Jinyu He, 2016. "Increase in takeover protection and firm knowledge accumulation strategy," Strategic Management Journal, Wiley Blackwell, vol. 37(12), pages 2393-2412, December.
- Hongchao Zeng, 2014. "Financial Constraints, Antitakeover Protection, and Corporate Innovation: An Empirical Analysis using Antitakeover Legislation," Review of Economics & Finance, Better Advances Press, Canada, vol. 4, pages 1-15, August.
- Cremers, K.J. Martijn & Litov, Lubomir P. & Sepe, Simone M., 2017. "Staggered boards and long-term firm value, revisited," Journal of Financial Economics, Elsevier, vol. 126(2), pages 422-444.
- Bhargava, Rahul & Faircloth, Sheri & Zeng, Hongchao, 2017. "Takeover protection and stock price crash risk: Evidence from state antitakeover laws," Journal of Business Research, Elsevier, vol. 70(C), pages 177-184.
- Daniel Ferreira & David Kershaw & Tom Kirchmaier & Edmund Schuster, "undated".
"Shareholder Empowerment and Bank Bailouts,"
FMG Discussion Papers
dp714, Financial Markets Group.
- Ferreira, Daniel & Kershaw, David & Kirchmaier, Thomas & Schuster, Edmund-Philipp, 2013. "Shareholder empowerment and bank bailouts," LSE Research Online Documents on Economics 56083, London School of Economics and Political Science, LSE Library.
- Ferreira, Daniel & Kershaw, David & Kirchmaier, Tom & Schuster, Edmund-Philipp, 2012. "Shareholder empowerment and bank bailouts," LSE Research Online Documents on Economics 119039, London School of Economics and Political Science, LSE Library.
- Randall Morck & Bernard Yeung, 2009.
"Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance,"
Annual Review of Financial Economics, Annual Reviews, vol. 1(1), pages 145-179, November.
- Randall Morck & Bernard Yeung, 2009. "Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance," NBER Working Papers 15042, National Bureau of Economic Research, Inc.
- Becker-Blease, John R., 2011. "Governance and innovation," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 947-958, September.
- Lucian A. Bebchuk & Michael S. Weisbach, 2012.
"The State of Corporate Governance Research,"
Springer Books, in: Sabri Boubaker & Bang Dang Nguyen & Duc Khuong Nguyen (ed.), Corporate Governance, edition 127, pages 325-346,
Springer.
- Lucian A. Bebchuk & Michael S. Weisbach, 2010. "The State of Corporate Governance Research," NBER Chapters, in: Corporate Governance, National Bureau of Economic Research, Inc.
- Lucian A. Bebchuk & Michael S. Weisbach, 2010. "The State of Corporate Governance Research," The Review of Financial Studies, Society for Financial Studies, vol. 23(3), pages 939-961, March.
- Lucian A. Bebchuk & Michael S. Weisbach, 2009. "The State of Corporate Governance Research," NBER Working Papers 15537, National Bureau of Economic Research, Inc.
- Bebchuk, Lucian A. & Weisbach, Michael S., 2009. "The State of Corporate Governance Research," Working Paper Series 2009-21, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Bebchuk, Lucian A. & Cohen, Alma, 2005.
"The costs of entrenched boards,"
Journal of Financial Economics, Elsevier, vol. 78(2), pages 409-433, November.
- Lucian Bebchuk, "undated". "The Costs of Entrenched Boards," American Law & Economics Association Annual Meetings 1091, American Law & Economics Association.
- Lucian Bebchuk & Alma Cohen, 2004. "The Costs of Entrenched Boards," NBER Working Papers 10587, National Bureau of Economic Research, Inc.
- Ferreira, Daniel & Kershaw, David & Kirchmaier, Tom & Schuster, Edmund, 2021.
"Management insulation and bank failures,"
Journal of Financial Intermediation, Elsevier, vol. 47(C).
- Ferreira, Daniel & Kershaw, David & Kirchmaier, Tom & Schuster, Edmund, 2021. "Management insulation and bank failures," LSE Research Online Documents on Economics 110428, London School of Economics and Political Science, LSE Library.
- Moore, Jared A. & Suh, SangHyun & Werner, Edward M., 2017. "Dual entrenchment and tax management: Classified boards and family firms," Journal of Business Research, Elsevier, vol. 79(C), pages 161-172.
- Martijn Cremers & Allen Ferrell, 2009. "Thirty Years of Corporate Governance: Firm Valuation & Stock Returns," Yale School of Management Working Papers amz2485, Yale School of Management, revised 08 Nov 2009.
- Jiao, Yawen, 2010. "Stakeholder welfare and firm value," Journal of Banking & Finance, Elsevier, vol. 34(10), pages 2549-2561, October.
- Field, Laura Casares & Lowry, Michelle, 2022. "Bucking the trend: Why do IPOs choose controversial governance structures and why do investors let them?," Journal of Financial Economics, Elsevier, vol. 146(1), pages 27-54.
- Ahn, Seoungpil & Shrestha, Keshab, 2013. "The differential effects of classified boards on firm value," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 3993-4013.
- Omer Unsal & Blake Rayfield, 2020. "Correction to: Corporate governance and employee treatment: Evidence from takeover defenses," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 44(2), pages 392-416, April.
More about this item
Keywords
Law; Corporate governance; Investor protection; Correlation; Incorporation;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:ijodag:v:14:y:2017:i:4:d:10.1057_s41310-017-0029-4. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.