-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 …

paper, we use states' passage of anti-takeover legislation as a source of such independent variation. Passed in the 1980's …

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

-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 …