-style takeover defences, such as poison pills and staggered boards, but allows voting caps and pyramiding in their stead. Various … investors and mandatory takeover bids …

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 …