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1、外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：TheRiseofCpateGovernanceinCpateControlResearchTheeditsoftheJournalofCpateFinance(JCF)havefoundtheJCFspecialissuestobeaparticularlyeffectivewaytoaggregatedisseminatecurrentresearchonaspecifictopic.Whenweann

2、ouncedtheJCF’sConferenceSpecialIssueonCpateControlMergersAcquisitionswewereparticularlyinterestedindiscoveringwhatwas“hot”amongresearcherscommentatsinthisarea.Wepurposelymadethecallfpapersverybroadencouragedauthstosubmit

3、papersthatexpledboththecauseseffectsofmergeractivityhowinnovationsinfinancingownershipotherconsiderationswereaffectingcontrolwithinfirms.Fromthemethan100paperssubmittedfconsiderationintheSpecialIssueweedeightfinclusionin

4、thisvolumefpresentationattheConferenceonCpateControlMergersAcquisitionsheldinAtlantainApril2008(cosponsedbytheJCFtheLeadershipResearchConstiumoftheTerryCollegeofBusinessattheUniversityofGegia).Wehavealsoincludedtwocommen

5、tariesfromtheConferenceageneralreviewpaperonbiddingstrategies.InthisarticlewesummarizetheresearchfromtheConferencewhichwebelieverepresentsimptantcontributionstoourknowledgeofcpatecontrol.Wefollowthisreviewwithageneralana

6、lysisofrecentresearchoncpatecontrol.WenotedacommonthemeinthearticlessubmittedinthoseeventuallyacceptedftheConferenceSpecialIssue–anincreasedemphasisontheroleofinternalcontrolfactsthatfallunderthebroadrubricofcpategoverna

7、nceratherthanfocusingprimarilyonmergersacquisitionsthemselves.Theincreasedemphasisoninternalcontrolconsiderationswasalsonotedbyparticipantsattheconference.Weprovideanalysisofcurrentresearchbyacademicnonacademicjournalsin

8、theareaofcpatecontrol.Theanalysisshowsamovementinacademicresearchonthecontroloffirmsfrommergersacquisitionstoananalysisofcpatedistinguishmecarefullybetweenvariousownershipclasses.TheyfindasimilarresulttothatofStulzetal.S

9、ongWalklingreptingthesamepositiverelationbetweeninsider(managerial)holdingstargetreturnsanegativerelationbetweenoutsideblockholdingstargetreturns.Theyarguethattheresultsfinsidersarerelatedtotakeoveranticipation(lackthere

10、of)theresultsfnonmanagerialblockholderssuggestthattheseinsidersprefertoseethedealdonearewillingtosharetheirgainstomakeithappen.Robinson(2009)critiquesthispapersuggestsaninterestingextension.Hequestionstheroleofinsidersin

11、thesearchfbidders.Thatisiftherearemultiplepossiblebiddershowdoinsidersdifferentiatebetweencompetingbidswhatarethedeterminantsofthedivisionofgainsinthetransaction.BethelHuWang(2009)alsolookattheeffectsofownershipbutinadif

12、ferentway–doinstitutionsbuysharestoaffectvotingafterabidhasbeenannouncedInaninterestingresulttheyreptthatinstitutionsappeartobebuyersofsharesofbiddingfirmsaroundtherecddatefthemergervote.Howevertheythenusethosesharestovo

13、teagainstthemerger.Astheydescribe–“institutionsvotewiththeirfeetbybuyingsharestogainvotingrights.Theythenvotewiththeirhsagainstmanagement.”Thisisanintriguingresultthatwarrantsfurtheranalysis.Atabasiclevelitsuggeststhatin

14、stitutionsvaluevotingareassuringfindingfinvests.Ryan(2009)inreviewingtheBethelHuWangarticleagreesthatthepaperpresentsconvincingevidenceoftheexistenceofamarketfcontrolrights.Howeverhenotesanimptantquestionffutureresearchw

15、hydotheinstitutionspurchasethevotingrightsifthevotespurchasedaregenerallynotenoughtoinfluencetheoutcomeofthevoteWruckWu(2009)movebeyondthetakeoverenvironmentfurtherconfirmtheimptanceoftheassociationofownershipstructurewi

16、thfirmperfmance.Theyshowthatthecreationofblockholdersthroughprivateplacementsofstockcanpositivelyaffectfirmsespeciallyifthoseblockholdersestablishanewrelationshipwiththefirm:privateplacementsthatinvolveanewrelationshipwi

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