takeover literature suggests that size can enable managerial entrenchment and value-destruction. However, in weak governance …

This paper investigates whether shareholder class action litigation affects the takeover candidacy, premium, and … U.S. firms that became the targets of takeover bids between 1998 and 2016 and find that firms subject to shareholder … significantly higher premium. Firms that face such litigation after a takeover announcement experience a significant decrease in …

We exploit the arrival of industry-wide synergistic merger waves to identify whether classifiedboards deter takeover … takeover likelihood is more pronounced during mergerwaves. Consistent with this prediction, we find that board classification … substantially reducesthe likelihood of receiving a takeover bid during merger waves, but has no meaningful effect onbid frequency in …

We examine derivatives trading prior to takeover rumors in a sample of 1,638 publicly traded U.S. firms. The volume of … options traded. In addition, the direction of option trades (abnormal call volume minus abnormal put volume) prior to takeover … rumors predicts forthcoming takeover announcements and rumor date returns. Identifying suspicious trades, we find evidence of …

insider trading measures, we find no evidence that insiders increase their purchases before takeover announcements; instead … three measures of net purchases, and is more pronounced in certain sub-samples with less uncertainty about takeover … by target insiders during takeover negotiations points to the limits of insider trading regulation. Finally, our finding …

risk. Using a newly-developed takeover index from Cain, McKeon, and Solomon (2017) that comprehensively considers existing … state takeover laws, federal statutes, and state court standards of review along with a list of firm-specific and economic … variables, we find external takeover susceptibility reduces firms’ future stock price crash risk. This evidence is consistent …