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@article{ART001252735},
author={진태홍 and 김성수},
title={Efficiency of M&A and Dissenter's Right},
journal={Journal of Regulation Studies},
issn={1738-7132},
year={2008},
volume={17},
number={1},
pages={111-150}

TY - JOUR
AU - 진태홍
AU - 김성수
TI - Efficiency of M&A and Dissenter's Right
JO - Journal of Regulation Studies
PY - 2008
VL - 17
IS - 1
PB - 한국규제학회
SP - 111
EP - 150
SN - 1738-7132
AB - The dissenter's right is the ability of shareholders to disagree with structural corporate changes such as M&A, transfer of business, and stock exchange and to sell their stocks at the appraised fair value. This paper studies empirically the determination of dissenter's right in Korea by using data on the exercise of dissenter's right from 1999 to 2005 in response to M&A of non-financial companies listed in Korea Securities Exchange. The main results of this paper are as follows. First, the exercise of dissenter's right has a significant positive relation with the appraised price and a significant negative relation with the efficiency of M&A which is measured by CAR. Second, the declaration of dissent has a significant positive relation with the appraised price but a insignificant negative relation with the efficiency of M&A. Third, shareholders of acquiring firms in mergers exercised dissenter's right more often than shareholders of target firms.
KW - efficiency of M&A;dissenter's right;event study;conflict of interest between majority shareholder and minority shareholder
DO -
UR -
ER -

진태홍 and 김성수. (2008). Efficiency of M&A and Dissenter's Right. Journal of Regulation Studies, 17(1), 111-150.

진태홍 and 김성수. 2008, "Efficiency of M&A and Dissenter's Right", Journal of Regulation Studies, vol.17, no.1 pp.111-150.

진태홍, 김성수 "Efficiency of M&A and Dissenter's Right" Journal of Regulation Studies 17.1 pp.111-150 (2008) : 111.

진태홍, 김성수. Efficiency of M&A and Dissenter's Right. 2008; 17(1), 111-150.

진태홍 and 김성수. "Efficiency of M&A and Dissenter's Right" Journal of Regulation Studies 17, no.1 (2008) : 111-150.

진태홍; 김성수. Efficiency of M&A and Dissenter's Right. Journal of Regulation Studies, 17(1), 111-150.

진태홍; 김성수. Efficiency of M&A and Dissenter's Right. Journal of Regulation Studies. 2008; 17(1) 111-150.

진태홍, 김성수. Efficiency of M&A and Dissenter's Right. 2008; 17(1), 111-150.

진태홍 and 김성수. "Efficiency of M&A and Dissenter's Right" Journal of Regulation Studies 17, no.1 (2008) : 111-150.