mergers and acquisitions. In this paper we show that a knowledge-based firm's probability of being a takeover target is … firm's assets in the spirit of the Grossman-Hart-Moore incomplete contracts theory of the firm. This approach highlights … manager owner significantly decreases that firm's probability of being a takeover target. -- ownership structure ; property …

collected dataset of all German IPOs from 1997 until 2006 we show that the takeover probability of young and high tech firms …