Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …

' buyers acquire constrained' targets. This result holds while controlling for merger terms and for different proxies used to …

first order effect on observed merger and acquisition activity in the US. We also present evidence of increased reliance on … while the 1986 Tax Act discouraged transactions among US corporations, it increased the demand for merger and acquisition …

change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … is also weaker evidence that hostile takeover targets underperform their industry peers. We interpret this evidence as … relative to industry, but that an external challenge in the form of a hostile takeover is often required when the whole …

Compared to an average Fortune 500 firm, a target of a hostile takeover is smaller, older, has a lower Tobin's Q … results suggest that the motive for a takeover often determines its mood. Thus disciplinary takeovers are more often hostile …

engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive … post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and …

are robust to a range of approaches to address the endogeneity of firms' merger decisions …