Own company stock in defined contribution pension plans: A takeover defense? ☆

By Joshua D. Rauh. 2006

173 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/34af50f55ec0efa11f466105afd1b4d5c8f48e86

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The choice of corporate liquidity and corporate governance (2009, background): “For instance, Delaware validated the use of the poison pill in conjunction with a staggered board in the mid-1990s and altered the threat of takeover for rms incorporated in that state (Rauh, 2005).”
Shock-Based Causal Inference in Corporate Finance and Accounting Research (2015, methodology): “Only four shock-based papers, of which two are DiD papers (Dahya and McConnell, 2007; Rauh, 2006), address differing pre-treatment trends by showing a multi-period graph of trends for treated versus controls, before and after the shock.”
Employee Ownership and Firm Disclosure (2015, unknown): “36 Kim and Ouimet also suggest that firms may adopt an ESOP in order to form management-worker alliances as in Pagano and Volpin (2005), wherein management bribes workers to garner worker support in thwarting hostile takeover threats (see also Gordon and Pound 1990; Rauh 2006).”
Broad-Based Employee Stock Ownership: Motives and Outcomes: Broad-Based Employee Stock Ownership (2014, unknown): “E. Employee Ownership through 401K Plans Another important form of employee ownership is 401K plans (see Rauh, 2006).”
How Do Pensions Affect Corporate Capital Structure Decisions (2010, unknown): “This may be because large contributions constrain firms from pursuing their optimal investment policy, as is suggested by Rauh (2006a).”
Managerial risk-taking behavior and equity-based compensation (2009, unknown): “A series of takeover contests during this period legitimized the use of the poison pill in conjunction with a staggered board, giving Delaware firms with staggered boards an extremely potent takeover defense and making them virtually immune to hostile takeovers (Subramanian, 2004; Bebchuk and Cohen,”
Defined Contribution Pension Plans: Sticky or Discerning Money? (2015, background): “…Duflo and Saez (2003); Brown, Liang, and Weisbenner (2007); Davis and Kim (2007); Elton, Gruber, and Blake (2006, 2007); Huberman and Jiang (2006); Rauh (2006); Huberman, Iyengar, and Jiang (2007); Goyal and Wahal (2008); Carroll et al. (2009); Cohen and Schmidt (2009); Brown and Harlow (2011);…”