This case provides background material about the takeover attempt of one of the world's largest automobile manufacturers, Volkswagen, by the small sports car manufacturer, Porsche. It covers the period from spring 2005 through August 2009. This drama ends in a complete reversal, the acquisition...

Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors' duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...

In a large sample of U.S. M&As over 1990-2007 we find that value is created when risk-takers absorb risk-avoiding target firms, but it is destroyed when bidders with a conservative investment policy takeover risk-taking target firms. This value effect is particularly pronounced when bidders are...

We conduct an event study to assess the stock market evaluation of public takeover announcements. Unlike the majority of previous research, we specifically focus on acquisitions targeted at newly public IPO-firms and show that the stock market positively evaluates these M&As as R&D. However,...

We study how agglomeration forces influence the post-merger restructuring of the combined firm through the channel of the geographic overlap of acquirer and target establishments. We hypothesize and find that the geographic effect differs for horizontal and vertical mergers, and depends on the...

How do financial crises shape the market for corporate control, by changing the set of acquirers, how much they acquire, and how long they keep ownership? To address these questions, we develop a tractable model of M&As where acquirers and targets emerge endogenously due to differences in...

There is a common perception that the Japanese takeover market excludes foreign companies. But this is not because Japanese takeover law is designed to protect target companies. Comparing Japanese takeover law with the UK Takeover Code and the European Takeover Directive, this thematic and...

We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...

This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...

Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...