We examine the relations between recent board declassifications, takeover activity and takeover gains over the period 2003-2011. We report that firms that declassified their boards in the previous five years are more likely to be the target of a takeover than other firms. We also report that...

We study the value gains from takeovers of firms with poor acquisition histories. We document that the premium received by target shareholders is higher when the value loss from the targets' prior acquisitions is larger. However, the gains to target shareholders seem to be offset by losses to...

Purpose – This paper aims to examine whether investment efficiency improves after publicly‐traded firms are taken private. Design/methodology/approach – The analysis uses univariate comparisons and regression analysis of panel data. Findings – Before going private, firms' investment...

Purpose – This paper aims to examine whether investment efficiency improves after publicly-traded firms are taken private. Design/methodology/approach – The analysis uses univariate comparisons and regression analysis of panel data. Findings – Before going private, firms' investment ratios...