This paper exploits the staggered initiation of takeover laws across countries to examine whether the threat of takeover enhances managerial discipline. We show that following the passage of takeover laws (1) poorly performing firms experience more frequent takeovers; (2) the propensity to...

1. Don’t Rely on Investment Banks for Valuation -- 2. Avoid “Strategic” Deals -- 3. Link the Before and After -- 4.Think Like a Financial Investor -- 5. Move Fast and Communicate Transparently -- 6. Conclusion: Closing the Deal, But at What Price?