The E.U. Takeover Directive was passed twenty years ago with the main aim of fostering a single European takeover market. However, subsequent economic,...
Firms that buy assets in fire sales earn excess returns that are two percentage points higher than in regular acquisitions. The mechanism behind this...
We model a competitive industry where managers choose quantities and costs to maximize a combination of firm profits and benefits from expropriation....
We examine whether, how, and why acquirer shareholder voting matters. We show that acquirers with low institutional ownership, high deal risk, and high...
We examine the potential for management-worker alliances when employees have substantial voting rights, and how such alliances affect the balance of...