Asia Pacific Journal of Management

, Volume 11, Issue 2, pp 327–343 | Cite as

Can antitakeover activity really create wealth? Evidence from Australia

  • Scott Armstrong
  • Helen Lange
  • Li-Anne Woo


This paper examines management-induced antitakeover activity which occurred in Australia in the late 1980s. The particular event studied is unique in Australia and requires shareholder approval to amend a company's Articles of Association to incorporate an antitakeover clause. The results show that there are strong positive wealth effects surrounding this management-initiated antitakeover activity, and that there is some evidence of a positive relationship between these abnormal returns and institutional holdings.


Positive Relationship Abnormal Return Wealth Effect Institutional Holding Positive Wealth 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Faculty of Business Administration National University of Singapore 1994

Authors and Affiliations

  • Scott Armstrong
  • Helen Lange
  • Li-Anne Woo

There are no affiliations available

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