This study investigates the impact of market maker competition on the relationship between equity bid-ask spreads and informed trading risk from reported insider purchases. It is the first study to provide evidence that the relationship between inside spreads and insider purchases is stronger...

Dead hand poison pills prevent potential hostile acquirers from circumventing a poison pill with a proxy contest whereby newly elected directors could redeem the pill. Dead hand provisions only permit continuing directors to redeem. Shareholder rights advocates and legal scholars have criticized...