when merger bonuses are present in deals where targets exhibit high pre-takeover abnormal accruals or are subject to SEC …Do merger bonuses to target CEOs facilitate a wealth transfer from target to acquirer shareholders? We test this … generate small synergies. When target CEOs get a merger bonus, acquirers pay lower premiums, but they also typically get less …

I study a protectionist anti-takeover law introduced in 2014 that covers a subset of all firms in the economy. The law … decreased affected firms' likelihood of becoming the target of a merger or acquisition and had a negative impact on shareholder … takeover market by increasing the pay-for-performance sensitivity …

leads to fewer anti-takeover provisions being rescinded, overly excessive CEO compensation, lower equity-based pay for CEOs …

restructuring firms directly. Such takeover activism should record superior returns as its opportunity cost includes the foregone …