We examine a sample of 12,023 acquisitions by public firms from 1980 to 2001. Shareholders of these firms lost a total … of $218 billion when acquisitions were announced. Though shareholders lose throughout our sample period, losses … associated with acquisition announcements after 1997 are dramatic. Small firms gain from acquisitions, so that shareholders of …

important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of …

acquirer and for private benefits rather than for a higher premium to be paid to the shareholders. We investigate the …

We identify important conflicts of interests among shareholders and examine their effects on corporate decisions. When … a firm is considering an action that affects other firms in its shareholders' portfolios, shareholders with … corporate acquisitions, where bidder shareholders with holdings in the target want management to maximize a weighted average of …

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 …

-market targets leading to substantial gains for shareholders of both acquirer and target firms …

the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the …