We present evidence that bidder firms consider the composition of the target's board of directors when forming their takeover bids. Specifically, bidder firms quot;by-passquot; the board of directors when the CEO of the target also chairs the board, a condition consistent with management...

We examine the structure of initial takeover bids and the frequency of observing competing bids and target management resistance. We find the use of cash is not consistently correlated with the frequency of competition or resistance and that the cost of acquiring information about a target is...

Firms' announcements to call in-the-money convertible securities for redemption essentially force their conversion into common stock, and such announcements are generally met with significant reductions in the calling firms' equity values. An explanation based on liquidity costs is advanced and...