decisions involved in any corporate takeover attempt: (1) deal initiation, (2) pre-offer toehold acquisition, (3) offer price … made in takeover negotiations where the outside option is the outcome of an open auction. Empirical findings include the … and not the bidder. (2) Notwithstanding takeover premiums averaging 40+%, only a small fraction (less than 5%) of bidders …

Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market …

incentivizes them to engage in more deals. We also explore the effects of country-level merger competition laws and also pro-takeover … competition laws and find that VC activity intensifies after enactment of country-level takeover-friendly legislation …

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 …

a review of actual takeover premiums and their determinants. It then showcases recent empirical contributions on topics … auctions cause fire-sales?), effects of deal protection devices (do termination agreements and poison pills affect takeover … premiums?), large shareholder voting on takeover outcomes (does institutional activism matter?), deal financing issues (does it …

I review recent takeover research which advances our understanding of "who buys who" in the drive for productive … targets, the role of the supply chain and industrial networks in driving takeovers, target plant efficiency, and pre- and post-takeover … strongly averse to bidder toeholds, and the merger negotiation process strongly protects proprietary information. Takeover …