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- W3126082182 abstract "Appraisal statutes give objecting shareholders the option to sell their shares back to the corporations for fair following certain fundamental corporate changes. Although the specifics of appraisal differ from jurisdiction to jurisdiction, most state appraisal statutes share several basic features: they are triggered by fundamental corporate changes, such as mergers and consolidations; they define fair as the value of the objector's shares prior to giving effect to the triggering transaction; and they frequently include a market which withdraws appraisal rights when the objector's shares are publicly traded. Since Bayless Manning's famous critique of the remedy in 1962, commentators have struggled to explain these and other basic features of appraisal, for the most part arguing that the appraisal remedy should be viewed as a check on misconduct by managers and controlling shareholders. This paper sets out a new theory of appraisal. That theory focuses on the effects, on shareholders who lack effective access to capital markets, of transactions that alter the risk of the firm's shares. As the paper explains, when shareholders lack effective access to capital markets, risk-altering transactions can make some shareholders better off while leaving other shareholders worse off. Appraisal rights require the corporation to compensate shareholders who may be harmed by such transactions and place the net costs of providing that compensation on shareholders who otherwise gain. As a result, shareholders who gain from appraisal-triggering transactions will only vote in favor of those transactions if their gains more than offset the net costs of compensating objectors; appraisal rights therefore decrease the probability of risk-altering transactions that result in net losses to shareholders, causing all shares to trade at higher prices ex ante." @default.
- W3126082182 created "2021-02-01" @default.
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- W3126082182 date "1998-01-01" @default.
- W3126082182 modified "2023-09-23" @default.
- W3126082182 title "The Role of Appraisal in Corporate Law" @default.
- W3126082182 hasPublicationYear "1998" @default.
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