Anecdotal evidence suggests that uncontrolled managers let wages rise above competitive levels. To test this belief, we examine the wage impact of antitakeover legislation passed throughout the 1980s in many states. Since many view hostile takeovers as an important disciplining device, these...

A common structure for points schemes is proposed. Data generated from points schemes can identify structural parameters. FIML estimation is discussed and examples given. The main barrier to estimation is computational time