Working Paper
Anti-Activist Poison Pills
Hedge funds have become active in corporate governance. They push for changes in strategy and the adoption of specific business plans. Their tactics...
Read moreThe Case for an Unbiased Takeover Law (with an Application to the European Union)
Takeover regulation should neither hamper nor promote takeovers, but instead allow individual companies to decide the contestability of their...
Read moreHedge Fund Activism, Poison Pills, and the Jurisprudence of Threat
This chapter reviews the single high profile case in which twentieth century antitakeover law has come to bear on management defense against a...
Read moreCreeping Acquisitions in Europe: Enabling Companies to Be Better Safe than Sorry
Creeping acquisitions - grabs of a company?s de facto control without the launch of a formal tender offer ? are an acquisition technique that presents...
Read moreTakeovers, Poison Pills and Protectionism in Comparative Corporate Governance
The regulation of hostile takeovers constitutes an interesting corporate governance microcosm. It is an area where clear contrasts in approach,...
Read moreThe Rise of Anti-Activist Poison Pills
We provide the first systematic evidence of contractual innovation in the terms of poison pill plans. In response to the increase in hedge fund activism,...
Read moreThe Law and Finance of Anti-Takeover Statutes
Lawyers and financial economists have fundamentally different views of anti-takeover statutes. While corporate lawyers and academics generally...
Read moreShadow Pills, Visible Pill Policy, and Firm Value
We analyze the impact of the right to adopt a poison pill – a “shadow pill” – on pill policy and firm value by exploiting the quasi-natural...
Read moreNews
Shadow Pills and Long-Term Firm Value
Whether antitakeover defenses are beneficial or inimical to shareholder interests is the subject of a perennial debate in the corporate finance...Read more
Anti-Activist Poison Pills
Hedge funds have become active in corporate governance. They push for changes in strategy and the adoption of specific business plans. Their...Read more