Blair, Douglas H; Golbe, Devra L; Gerard, James M - In: Journal of Political Economy 97 (1989) 2, pp. 420-43
The authors analyze a model of a hostile takeover attempt in which shareholders are free to sell common-share voting rights, as well as the shares themselves. Without taxation, only welfare-improving takeovers succeed. Allowing vote sales has no effect on the success of attempted takeovers or...