Which is the more profitable way to sell a company: a public auction or an optimally structured negotiation with a … smaller number of bidders? We show that under standard assumptions the public auction is always preferable, even if it … at least one extra bidder. An immediate public auction also dominates negotiating while maintaining the right to hold an …

Should the buyer of a customized good use competitive bidding or negotiation to select a contractor? To shed light on …

attendance: the grandfathering instrument compares students at schools designated for takeover with students who appear similar … exclusion restriction in such comparisons. Estimates for a large sample of takeover schools in the New Orleans Recovery School … District show substantial gains from takeover enrollment. In Boston, where we can compare grandfathering and lottery estimates …

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 …

hostile bidders to win a vote of shareholder support -- boards should not have veto power over takeover bids. The paper …

-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 … to create value. Accordingly, stronger legal investor protection can improve the efficiency of the takeover outcome …