This article reviews the recent literature on the consequences of disclosure for listed firms. Though some studies show that disclosure is desirable for shareholders because it reduces the cost of capital, and increases the value created, others provide more mixed results. The conclusion on 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...