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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117775

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117775

Title:	The White Squire Defense: Evidence from Private Investments in Public Equity
Authors:	陳聖賢;黃嘉威 Chen, Sheng-Syan Hsu, Ching-Yu Huang, Chia-Wei
Contributors:	財管系
Keywords:	White squire;Takeover defense;Private investment in public equity
Date:	2016-03
Issue Date:	2018-06-15 11:53:57 (UTC+8)
Abstract:	Firms can effectively stave off outside takeover bids using private investments in public equity (PIPEs) when they face strong takeover pressure. Greater takeover pressure makes PIPE issuers more likely to grant investors large blocks of shares, price discounts, generous dividends, and board seats. Takeover pressure also encourages issuers to place more shares with friendly investors such as managerial investors and strategic alliance investors. The evidence is consistent with the regular methods of the white squire defense. PIPEs can be a preferred method in the choice of a white squire defense when poorly performing and highly overleveraged firms face severe takeover pressure. There is a negative relation between takeover probability and post-issue performance of issuers, which supports the managerial entrenchment hypothesis over the shareholder interest hypothesis. Therefore PIPEs can increase, not mitigate, agency problems.
Relation:	Journal of Banking and Finance, Vol.64, pp.16-35
Data Type:	article
DOI link:	https://doi.org/10.1016/j.jbankfin.2015.11.017
DOI:	10.1016/j.jbankfin.2015.11.017
Appears in Collections:	[Department of Finance] Periodical Articles

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