We propose a formal concept of the power of voice in the context of a simple model where individuals form groups and trade in competitive markets. Individuals use outside options in two different ways. Actual outside options reflect the possibility to exit or to join other existing groups....

We examine the relations between recent board declassifications, takeover activity and takeover gains over the period 2003-2011. We report that firms that declassified their boards in the previous five years are more likely to be the target of a takeover than other firms. We also report that...

In the Spring of 2006, I was privileged to host and moderate symposium presentations by an extraordinarily talented group of scholars who gathered at Michigan State University College of Law to analyze and discuss the role and relevancy of the legal concept of bargaining power in twenty-first...

This brief essay, written for a symposium on The Emerging Interdisciplinary Cannon of Negotiation, argues that bargaining power stems entirely from the negotiator's ability to, explicitly or implicitly, make a single threat credibly: "I will walk away from the negotiating table without agreeing...

We examine the relations between recent board declassifications, takeover activity and takeover gains over the period 2003-2014. We report that firms that declassified their boards in the previous five years are more likely to be the target of a takeover compared to firms that remain classified....