This study examines the characteristics of corporate boards for 82 companies that attempted 106 acquisitions during the 1980s. We find that poor performance is more likely to occur in firms that have recently experienced higher turnover of outside and lower turnover of inside directors....

We study the interaction between the legal system and the takeover auction process during the 1981 to 2015 time period. We associate the strengthening of the property rights of target boards after the 1989 Time Inc. decision with fundamental changes in the takeover auction process. Following the...