This paper describes and considers explanations for changes in corporate governance and merger activity in the United … States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence … of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed …

' buyers acquire constrained' targets. This result holds while controlling for merger terms and for different proxies used to …

first order effect on observed merger and acquisition activity in the US. We also present evidence of increased reliance on … while the 1986 Tax Act discouraged transactions among US corporations, it increased the demand for merger and acquisition …

change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … is also weaker evidence that hostile takeover targets underperform their industry peers. We interpret this evidence as … relative to industry, but that an external challenge in the form of a hostile takeover is often required when the whole …

Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …

that the tax losses and credits of acquired firms likewise exerted no impact on merger activity. Though the use of such …

relatively low in value added per employee at the time of takeover and before, a characteristic we take to indicate relatively …-term recoveries after takeover from the misfortunes of the takeover year and a return to higher growth rates of employment and output … year or two after takeover but seem to have increased their profitability or efficiency relative to their industries. The …