hostile bidders to win a vote of shareholder support -- boards should not have veto power over takeover bids. The paper … considers all of the arguments that have been offered for board veto -- including ones based on analogies to other corporate … none of them individually, nor all of them taken together, warrants a board veto. Finally, the paper discusses the …

We analyze a unique database from a sample of real-world boardrooms - minutes of board meetings and board …

This paper investigates the frequency of connections between banks and non-financial firms through board linkages and … whether those connections affect lending and borrowing behavior. Although a board linkages may reduce the costs of information … flows between the lender and borrower, a board linkage may generate pressure for special treatment of a borrower not …

We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is … analysis exploits plausibly exogenous shocks that make directors busier on one board and examines how this spills over to other …

answering one of three questions: 1) How are board characteristics such as composition or size related to profitability? 2) How … do board characteristics affect the observable actions of the board? 3) What factors affect the makeup of boards and how … they evolve over time? The primary findings from the empirical literature on boards are: Board composition is not related …

-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 …