publication . Article . Other literature type . Conference object . 2018

The intra-industry effects of proxy contests

Han Yu; Fang Chen; Jian Huang;
Open Access
  • Published: 08 Apr 2018 Journal: SSRN Electronic Journal (eissn: 1556-5068, Copyright policy)
  • Publisher: Elsevier BV
Abstract
This paper is the first study on the intra-industry effects of proxy contests. Using a sample of proxy contests from January 1988 through December 2008, we identify a striking cross-sectional difference in market reaction to the target companies. As much as 61% of the target firms have significant positive cumulative abnormal return (CARs) in the period (‒10, +10) around the announcement day, while 39% of the target firms have the negative CARs in the same event window. Moreover, we find that the stock market reaction to the target firms’ competitors is primarily driven by the target-related factors when the market reacts favorably to a proxy contest. In con...
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doi: 10.2139/ssrn.3162221 , 10.5281/zenodo.1215102 , 10.1007/s12197-019-09492-6 ,
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Subjects
Medical Subject Headings: human activitiesvirus diseases
free text keywords: proxy contest, intra-industry effect, competitive effect, systemic risk effect, Economics and Econometrics, Finance, Business, Stock market, Abnormal return, Competitor analysis, Proxy (climate), Market reaction, Corporate governance, CONTEST, Stock return, Monetary economics
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SSRN Electronic Journal
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Zenodo
Other literature type . 2018
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Journal of Economics and Finance
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Other literature type . 2018
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