predict long-term gains to the acquirers. In order to predict long-term takeover performance, we apply textual analysis to the … reveal that a negative managerial tone has a strong negative association with takeover performance, whereas a positive … managerial tone indicates managerial confidence in merger success, and hence reflects an enhanced takeover performance over an …

, managers of takeover targets can have incentives to defeat such offers. We examine whether the presence of independent outside … associated with higher initial offer premiums and greater revisions in the intial premium. Further, takeover resistance and the … shareholders and managers when firms are targets of tender offer bids …

contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors … are traditionally considered to be in charge in deciding the outcome of a hostile takeover of a Delaware corporation … lack the power to determine the outcome of a takeover bid, the reason for that is not embedded in the takeover regime …

This paper analyzes takeover announcements for public US targets from 1987 to 2008. Consistent with the hypothesis that … gambling attitudes matter for takeover decisions, both acquiror announcement returns and expected synergies are lower in … announcement returns are higher in these deals. The effects are stronger in companies where managers are more entrenched, where the …

in U.S. bank takeover decisions. The evidence demonstrates that offer price premiums and target announcement returns are … much higher in bank takeover transactions involving targets with gambling (lottery) features (high skewness, high …

in U.S. bank takeover decisions. The evidence demonstrates that offer price premiums and target announcement returns are … much higher in bank takeover transactions involving targets with gambling (lottery) features (high skewness, high …