We examine cases where managers announce an intention to de-stagger their boards via proxy proposals or board action. The literature has established the staggered board as the most consequential of all takeover defenses and one that destroys wealth. Thus, dismantling this structure should create...

I examine ownership structures, minority shareholder rights, and shareholder activism in the context of Olivetti's successful hostile acquisition of Telecom Italia in 1999. Events surrounding the takeover provide mixed evidence of improvements in minority shareholder protections. The story,...

This study analyzes factors that potentially are associated with higher incidences of asset sales by poorly performing firms. Consistent with Shleifer and Vishny's (1992) asset liquidity model, I find that firms are more likely to sell assets if their industry's growth rate is higher. The...

We examine the incidence of managerial control-reducing disciplinary events (e.g. takeovers, board dismissals, and shareholder activism) and corporate restructuring among firms experiencing a large decline in operating performance during an active takeover period (1985-1988) and a less active...

The issue of choice between specialization and diversification in corporate business activity has become the center of large body of corporate finance literature in recent years. U.S. empirical evidence on the effects of diversification after merger is mixed, suggesting that the diversification...

The choice between specialization and diversification in corporate business activity has become the center of large body of corporate finance literature in recent years. U.S. empirical evidence on the effects of diversification after merger is mixed, suggesting that the diversification benefits...

I examine the treatment of minority shareholders and shareholder activism following Olivetti's successful hostile acquisition of a majority stake in Telecom Italia in 1999. Overall, the evidence is mixed. While Olivetti pursued several operations perceived to be detrimental to Telecom Italia's...

Purpose – This paper seeks to analyse Steel Partners' investments and activism targeting United Industrial, Ronson, and BKF Capital to provide context for the debate surrounding shareholder activism by hedge funds and how incumbent management should cope with it. Steel Partners is one of the...