John, Kose; Kadyrzhanova, Dalida; Lee, Sangho - 2021
We exploit the arrival of industry-wide synergistic merger waves to identify whether classifiedboards deter takeover … substantially reducesthe likelihood of receiving a takeover bid during merger waves, but has no meaningful effect onbid frequency in … takeover likelihood is more pronounced during mergerwaves. Consistent with this prediction, we find that board classification …