This dissertation, consisting of four chapters, is in the area of corporate governance and derivative securities. Chapter 1 introduces the subject and format. Chapters two and three are theoretical and empirical essays. Chapter 4 contains conclusions. / The dissertation's theoretical development is to examine the difference in the value of a synthetic stock (composed of puts, calls, and risk-free bonds) with that of a real stock and develop the hypothesis that the difference is the value of a share of common stock's voting rights. / The second chapter conducts time-series tests of voting rights value changes around votes on anti-takeover amendments, for the period 1986-1989. The results provide no support for the argument that voting rights increase in value during anti-takeover amendments and some support for the proposition that voting rights value decreases during the period. There is marginal support for the proposition that voting rights value will increase as the risk of early exercise of call options decreases. / The third chapter conducts time-series and cross-sectional tests of voting rights value in all proxy contests for control or representation from 1982 to 1990. The evidence generally supports propositions that marginal voting rights value increases during this type of proxy contest. Further evidence suggests that voting rights value increases as; (1) the likelihood of early exercise of options in the synthetic stock decreases, and (2) the length of time to option expiration increases. Tests to decide the corporate, contest, and stakeholder attributes that influence marginal vote values are inconclusive. / Source: Dissertation Abstracts International, Volume: 54-09, Section: A, page: 3541. / Major Professor: James S. Ang. / Thesis (Ph.D.)--The Florida State University, 1993.
| Identifer | oai:union.ndltd.org:fsu.edu/oai:fsu.digital.flvc.org:fsu_77003 |
| Contributors | Hodges, Charles Waylon, Jr., Florida State University |
| Source Sets | Florida State University |
| Language | English |
| Detected Language | English |
| Type | Text |
| Format | 148 p. |
| Rights | On campus use only. |
| Relation | Dissertation Abstracts International |
Page generated in 0.0018 seconds