Franks, Julian R; Mayer, Colin; Renneboog, Luc - C.E.P.R. Discussion Papers - 2001
Economic theory points to five parties active in disciplining management of poorly performing firms: holders of large … of management. We find that, in the UK, most parties, including holders of substantial share blocks, exert little … impede it. Bidders replace a high proportion of management of companies acquired in take-overs but do not target poorly …