Bodnaruk, Andrij; Gao, Pengjie; Östberg, Per; Yun, Hayong - 2011
more passive shareholders (lower ownership per non-institutional shareholder) are less likely to be takeover targets, less … likely to be acquired and command higher premiums. Using the adoption of anti-takeover law in Delaware as an exogenous shock … to anti-takeover protection, we show that the passiveness of shareholder base decreases as the takeover threat subsides …
