, outlook, and ideology, have also empowered activist shareholders.There are strong normative arguments for disempowering … shareholders and, accordingly, for rolling back the gains shareholder activists have made. Whether that will prove possible in the …, while encouraging shareholder efforts to hold directors and managers accountable …

The effect of severance pay on management behavior during a takeover battle is generally ambiguous. Yet, the severance … still benefits from the increase in the merged firm's total value. Moreover, given that the managers are compensated … according to an identical linear incentive scheme, the optimal shareholder policy always entails a corner solution. Managers …

corporate managers agree to a merger and then suffer a change of heart. Specifically, it uses the Delaware case of IBP, Inc. v …. Tyson Foods, Inc, to demonstrate how the obligations imposed on corporate managers by corporate law doctrine and by contract … law doctrine may conflict in the merger context. In that context, a seller seeking to avoid a binding merger agreement …