-controlling investors. This, in turn, increases the acquirer's capacity to raise outside funds to finance the takeover. Absent effective … effective competition, the increased outside funding capacity makes it less likely that the takeover outcome is determined by … ability to create value. Accordingly, stronger legal investor protection can improve the efficiency of the takeover outcome …

participate in a takeover transaction at equal terms – affects target announcement returns. I use a difference …

This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using multiple … research designs, we find that long-term focused (innovative) firms benefit from takeover protection. We also find that the …

, then investors rely less on costly unbiased research. Managers are tempted to manipulate the firm stock price more, as a …, firm owners grant investors more access to managers that manipulate more strongly. An implication is that the firm cost of …