We exploit a 2013 Delaware law that reduces the shareholder support threshold for two-step tender offers to investigate the impact of differing levels of shareholder support on deal structures and outcomes. After the legal change, Delaware acquisitions, as opposed to other states, are more...

Proxy advisory firms and large passive mutual funds have faced criticism both for being too powerful and not exercising diligence in proxy voting. We document that the ``Big 3'' passive fund families, Blackrock, State Street, and Vanguard, are increasingly likely to vote with management, and...

In this reply to Jetley and Huang (2020)'s study of arbitrage spread outliers we present data showing that the analysis of target shareholder abnormal returns in Boone, Broughman, and Macias (2019) are not materially impacted by outliers