Burkart, Mike; Gromb, Denis; Mueller, Holger M; … - C.E.P.R. Discussion Papers - 2011
-controlling investors. This, in turn, increases the acquirer’s capacity to raise outside funds to finance the takeover. Absent effective … effective competition, the increased outside funding capacity makes it less likely that the takeover outcome is determined by … ability to create value. Accordingly, stronger legal investor protection can improve the efficiency of the takeover outcome …