an information ea between management and outside shareholders. In the presence of such a gap, maximizing short-run and … actions that will reduce long-run value. In such a case, management faces the dilemma of which shareholders to please: those …

aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in … shareholders' collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that … excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess …

measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to … closely comoving in the years before the contest, providing support for our approach to identification. After the merger, they … international sample. Merger characteristics commonly associated with underperformance, such as acquiror size, acquiror Q, or stock …

poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both … unconditionally and conditional on a successful takeover, and we provide updated event-study evidence for the three-quarters of all …

appliance markets most affected by the merger to markets where concentration changed much less or not at all. We estimate price …

industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …

banks in individual EU countries help to explain the nature of cross-border merger activity. If they wish to protect …

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

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