Lawyers and financial economists have fundamentally different views of anti-takeover statutes. While corporate lawyers and academics generally dismiss these statutes as irrelevant, economists study them empirically and conclude that they – and hence the threat of a takeover – affect firm and...

Exploiting a hand-collected database with almost 2200 firms during 1996-2014, I analyze the relationship between the presence of poison pills and firm value. Consistent with earlier results, I document a strong negative association between pills and firm value cross-sectionally and within firm....

A Special Purpose Acquisition Company (“SPAC”) is a publicly listed firm with a two-year lifespan during which it is expected to find a private company with which to merge and thereby bring public. SPACs have been touted as a cheaper way to go public than an IPO. This paper analyzes the...