helps align management's and shareholders' interests whereas outside-dominated boards better monitor management, whose … fiduciary duties to shareholders may be compromised by conflicts of interest inherent in management buyouts. Finally, there is …

-optimal leverage levels that promote their own private benefits at the expense of shareholders. Using Bebchuk, Cremers, and Peyer …

Capitalizing on a distinctive measure of takeover susceptibility mainly based on the staggered passage of anti-takeover … state legislations, we examine the effect of the takeover market on corporate leverage. Stretching over half a century from … decades. Our results show that more hostile takeover threats diminish leverage considerably. Specifically, an increase in …

Exploiting two novel measures of innovation efficiency and takeover vulnerability, we explore the effect of the … takeover market on corporate innovation. Our results reveal that a more active takeover market stifles innovation considerably …, consistent with the notion that managers tend to be myopic when more exposed to hostile takeover threats, making investments that …

Purpose: Capitalizing on a unique measure of takeover susceptibility principally based on the staggered implementation … of state laws, we explore the takeover market’s effect on managerial ownership. The market for corporate control, often … known as the takeover market, is an important external governance mechanism, whereas managerial ownership is a vital …