LBO Financing
We analyze takeover financing in a model where bidders must overcome the free-rider problem to restore ownership incentives. Bootstrapping,...
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The 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...
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Deal Initiation in Mergers and Acquisitions
We investigate the effects of target initiation in mergers and acquisitions. We find target-initiated deals are common and that important motives for...
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The 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,...
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Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions
In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. We...
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Weak Governance by Informed Active Shareholders
Do informed shareholders who can influence corporate decisions improve governance? We demonstrate this may not be generally true in a model of...
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Does Transparency Increase Takeover Vulnerability?
We study how transparency affects takeover probability and stock returns. If transparency helps acquiring firms to determine target value or synergy,...
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Pandemic-Resistant Corporate Law: How to Help Companies Cope with Existential Threats and Extreme Uncertainty During the Covid-19 Crisis
This essay argues that, to address the Covid-19 crisis, in addition to creating a special temporary insolvency regime, relaxing provisions for...
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Corporate Takeovers and Economic Efficiency
I review recent takeover research which advances our understanding of ?who buys who? in the drive for productive efficiency. This research provides...
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