executive and top team forced departure rates compared to that of friendly takeovers. Furthermore, prior to takeover, hostile … the hostile takeover …

Do pre-offer target stock price runups increase bidder takeover costs? We present model-based tests of this issue … assuming runups are caused by signals that inform investors about potential takeover synergies. Rational deal anticipation …

This paper studies leverage dynamics when managers cannot commit to future financing and default policies ex …-ante. Managers derive private benefits of control but debt constrains their flexibility, and thus, they build up less excessive … funding advantage of debt. Optimal maturity structure trades off disciplines on the managers' leverage ratcheting incentives …

The effect of severance pay on management behavior during a takeover battle is generally ambiguous. Yet, the severance … still benefits from the increase in the merged firm's total value. Moreover, given that the managers are compensated … according to an identical linear incentive scheme, the optimal shareholder policy always entails a corner solution. Managers …

-taking. These results are consistent with the “takeover incentive hypothesis,” an original proposition stating that GPs influence … risk-taking through the incentive of a CEO with a GP to accept a takeover, as well as delta's role in affecting the weight … of the CEO's incentive to maximize the expected takeover-associated equity portfolio wealth. The findings do not support …