To make high-quality research more accessible and easier to explore.

Fields:

Greenmail premia, board composition and management shareholdings

Journal of Corporate Finance 1999 5(4), 369-382
This paper investigates the association between premia paid in targeted share repurchases (greenmail) and the characteristics of the boards of directors. A nonlinear relationship is found between the premium paid and the proportion of shares held by the inside directors. The premium decreases as the proportion of unaffiliated outside directors increases.