Anti-takeover Provision, Synchronicity of Stock Price and Investment Efficiency

Abstract

Abstract: Based on the data of listed companies in China from 2008 to 2015, this paper discusses how the anti - takeover terms of listed companies can influence the investment efficiency of the company through the market feedback of stock price synchronization. The empirical results of this paper first show that the less the reverse acquisition terms, the lower the share price synchronization, the more information on the price information, and thus feed back to the management of more valuable information and make efficient investment decisions. Furthermore, according to the comparison of the concentration of ownership and the nature of the actual controller, it is found that the above-mentioned role of the anti-takeover clauses is lower in the concentration of the stock, and the private enterprise is bigger.

Key words: anti-takeover provision, synchronicity of stock price, information content of stock price, investment efficiency, mediation effect test

Deng Wei, Wang Tao, Cheng Yuanyuan. Anti-takeover Provision, Synchronicity of Stock Price and Investment Efficiency[J]. Management Review, 2020, 32(11): 33-47.

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