bidder outside blockholders as either aggressive monitors or moderate monitors, and tests whether the degrees of monitoring … takeover gains. This suggests that negotiating power in takeovers is conditioned on the types of blockholders that monitor the … agency conflicts, which may weaken a firm's bargaining position. This paper argues that some blockholders are more effective …

firms are in distress and receive less monitoring from institutional holders, as well as when the aggregate economy is in a …