For decades, academics have claimed that even friendly acquisitions are negotiated in the "shadow" of a hostile takeover bid. But interviews with senior M&A investment bankers provide a different picture of negotiated acquisitions. Determining which version is more representative of most deals...

Refining and extending the methodology introduced by Daines (2001), I present evidence that small Delaware firms were worth more than small non-Delaware firms during the period 1991--1996 but not afterwards. I also present evidence that larger firms, which comprise 98% of my sample by size,...

"A successful business deal maximizes value for buyers and sellers alike. Drawing on diverse case studies and decades of experience, Michael Klausner and Guhan Subramanian show how contracting parties can reach that goal through rigorous attention to incentives, information asymmetries, exit...