Pontiff, Jeffrey; Shleifer, Andrei; Weisbach, Michael S. - In: RAND Journal of Economics 21 (1990) 4, pp. 600-613
This article evaluates pension asset reversions as a source of takeover gains. In our sample of 413 takeovers, pension funds were reverted by 15.1% of acquirers in the two years following hostile takeovers compared to 8.4% in the two years following friendly takeovers. Reversions following...