) takeover bids (buying shares only); and (3) a combination of proxy fights and takeover bids in which shareholders vote on … to proxy fights alone but also to takeover bids alone. Finally, we show that, when acquisition offers are in the form of …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

, when it buys a rapidly growing target , and when the performance of its managers has been poor before the acquisition …

This paper investigates whether managers who fail to exploit regulatory loopholes are vulnerable to replacement. We use … economically significant predictor of whether a hospital replaces its management with a new team of for-profit managers. We also …

hostile bidders to win a vote of shareholder support -- boards should not have veto power over takeover bids. The paper … decisions, directors' superior information, bargaining by management, pressures on managers to focus on the short …

Corporate-governance provisions related to takeover defenses and shareholder rights vary substantially across firms. In …