This paper demonstrates that Prof Henry Manne's thesis that less successful companies are taken over by successful companies and that the takeover of companies through hostile bids is economically efficient is not a foregone conclusion. Instead, it demonstrates that managers of bidder companies...

This paper discusses the theorized approaches to corporate governance (CG) in the UK-US-Australian tradition, and in this context the new surrogates of governance that have emerged since Berle and Means articulated their celebrated separation thesis in 1932. It shows that these developments have...