In 1990, Pennsylvania enacted Senate Bill 1310, containing five provisions designed to make takeovers prohibitively expensive but allowing firms to opt out of some or all of the law's provisions. We find that firms that opted out of SB 1310 had lower insider control of voting rights and were...

This paper documents a substantial intertemporal variation in the abnormal returns of U.S. companies acquired by foreign firms over the 1979-1988 period. Returns decrease after 1980, when the 1981 Economic Reform Tax Act was passed, and increase after 1986, when the Tax Reform Act went into...