Morck, Randall; Shleifer, Andrei; Vishny, Robert W. - National Bureau of Economic Research (NBER) - 1987
Compared to an average Fortune 500 firm, a target of a hostile takeover is smaller, older, has a lower Tobin's Q, invests less of its income, and is growing more slowly. The low Q seems to be an industry-specific rather than a firm-specific effect. In addition, a hostile target is less likely to...