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Managerial Share Ownership and the Stock Price Effects of Antitakeover Amendment Proposals
Author(s) -
MCWILLIAMS VICTORIA B.
Publication year - 1990
Publication title -
the journal of finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 18.151
H-Index - 299
eISSN - 1540-6261
pISSN - 0022-1082
DOI - 10.1111/j.1540-6261.1990.tb03732.x
Subject(s) - stock price , share price , amendment , business , stock (firearms) , monetary economics , accounting , economics , law , stock exchange , finance , biology , mechanical engineering , paleontology , series (stratigraphy) , political science , engineering
Studies that test for an average stock price effect of antitakeover amendments present different results, disagreeing with respect to both the significance and the direction of the effect. This study determines whether effects can be identified when managerial share ownership and amendment type are considered. Results suggest a negative relation between managerial share ownership and the stock price reaction to all but fair price amendment proposals.