more likely to be replaced if the takeover is disciplinary …

a (hostile) takeover, as many researchers have assumed. To understand whether these issues matter for corporate … (short) position in firms with few (many) anti-takeover provisions produces annual excess returns of six to twelve percent …

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

more passive shareholders (lower ownership per non-institutional shareholder) are less likely to be takeover targets, less … likely to be acquired and command higher premiums. Using the adoption of anti-takeover law in Delaware as an exogenous shock … to anti-takeover protection, we show that the passiveness of shareholder base decreases as the takeover threat subsides …

receiving a successful takeover bid is sharply higher when target CEOs are close to age 65. Takeover premiums and target …