Takeovers

Takeovers

This paper reviews the existing literature on takeovers. Takeovers are a means to redeploy corporate assets more efficiently and to discipline...

Corporate Governance and Control

Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of...

Merger-Driven Listing Dynamics

We measure the degree to which stock exchanges around the world attract and retain firms under public ownership by adjusting actual listing counts for...

Tender Offers and Leverage

The Transactional Scope of Takeover Law in Comparative Perspective

The core activity regulated by takeover codes is the voluntary offer by a bidder addressed to all the shareholders of a target company (other than the...

Who Writes the Rules for Hostile Takeovers, and Why? The Peculiar Divergence of US and UK Takeover Regulation

Hostile takeovers are commonly thought to play a key role in rendering managers accountable to dispersed shareholders in the Anglo-American system of...

Activism and Takeovers

We compare activism and takeovers from a blockholder’s perspective who can invest effort into improving firm value. Profits from the two...

Does Speculative News Hurt Productivity? Evidence from Takeover Rumors

Speculative news on corporate takeovers may hurt productivity because uncertainty and threat of job loss cause anxiety, distraction, and reduced...

Litigation in Mergers and Acquisitions

Merger Negotiations and the Toehold Puzzle

Surprisingly, bidders rarely acquire a target stake (toehold) prior to launching control bids, despite paying large takeover premiums. At the same...

Takeovers, Secrecy, and Conflicts of Interest: Problems for Boards and Banks

Directors: Older and Wiser, or Too Old to Govern?

An unintended consequence of recent governance reforms in the U.S. is firms’ greater reliance on older director candidates, resulting in noticeable...