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benefit from granting managers unilateral authority to adopt some takeover defenses, even when shareholders are well …, thereby encouraging managers to employ substitute defenses that may be more costly for the firm than are traditional takeover …
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The paper investigates the impact of some features of the 90s in Germany: shareholder-value orientation and changes in the distribution of share capital, booming asset prices, profit-sharing schemes including option plans, increased capital funded old-age provisions. Two propositions are...
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