The regulations founded on the rules describes by the Basle Committee takes place jointly with the discipline from the Board of Directors on decisions taken by the leader of the bank. In this work, we demonstrate that this double discipline acts trough a complementary manner, while the...

Empirical results document that toehold bidding declined in recent corporate takeovers whereas the- oretical results predict that raiders should accumulate the maximum legally allowed toehold. Our study explains this gap. We develop a tender offer model with atomistic target shareholders and...