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SUMMARY:The Rise of Anti-Activist Poison Pills - Ofer Eldar (Duke Universi
 ty)
DTSTART:20230223T130000Z
DTEND:20230223T141500Z
UID:TALK175190@talks.cam.ac.uk
CONTACT:Daniel Simmons
DESCRIPTION:We provide the first systematic evidence of contractual innova
 tion in the terms of poison pill plans. In response to the increase in hed
 ge fund activism\, pills have changed to include anti-activist provisions\
 , such as low trigger thresholds and acting-in-concert provisions. Using u
 nique data on hedge fund views of SEC filings as a proxy for the threat of
  activists' interventions\, we show that hedge fund interest predicts pill
  adoptions. Moreover\, the likelihood of a 13D filing declines after firms
  adopt "anti-activist" pills\, suggesting that pills are effective in dete
 rring activists. The results are particularly strong for "NOL" pills that\
 , due to tax laws\, have a five percent trigger. Our analysis has implicat
 ions for understanding the modern dynamics of market discipline of manager
 s in public corporations and evaluating policies that regulate defensive t
 actics.
LOCATION:CJBS\, room W2.02 
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