respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of … state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … policy basis, and, more importantly, they have provided managers with a wider and more open-ended latitude to engage in …

We investigate the impact of changes in states' anti-takeover legislation on executive compensation. We find both pay … which reduced takeover fears allow CEO's to skim more. We compute lower bounds on the relative risk aversion coefficients … increased pay for performance offsets some of the incentive reduction caused by lower takeover threats …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition …

In this study, we empirically test "quiet life hypothesis," which predicts that managers who are subject to weak … behaviors and the results indicate that entrenched managers who are insulated from disciplinary power of stock market avoid … making difficult decisions such as large investments and business restructures. However, when managers are closely monitored …

market reacts significantly more negatively to takeover bids by overconfident managers …

) takeover bids (buying shares only); and (3) a combination of proxy fights and takeover bids in which shareholders vote on … to proxy fights alone but also to takeover bids alone. Finally, we show that, when acquisition offers are in the form of …