bidder outside blockholders as either aggressive monitors or moderate monitors, and tests whether the degrees of monitoring … takeover gains. This suggests that negotiating power in takeovers is conditioned on the types of blockholders that monitor the … agency conflicts, which may weaken a firm's bargaining position. This paper argues that some blockholders are more effective …

also consistent with other stylized facts about takeovers and generates novel testable predictions. …

takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I … find that takeovers increase bidder value, but generally not that of the business group surrounding it. Second, majority … shareholder. Fourth, the worst takeovers are completed by firms that are majority-controlled by financial institutions. …

This paper examines voluntary disclosure of profit forecasts by bidding companies during takeovers. Disclosure is …

-swap takeovers. We argue that this can beexplained by both bidder and target reflecting the likelihood of success of the takeover …

workers at acquired firms, takeovers are associated with a 8.5% drop in employment at the consolidated firm and a 2.6% drop in …