Takeover regulation should neither hamper nor promote takeovers, but instead allow individual companies to decide the … contestability of their control. Based on this premise, we advocate a takeover law exclusively made of default and menu rules … supporting an effective choice of the takeover regime at the company level. For reasons of political economy bearing on the …

Many companies continue to go public with takeover defenses even though institutional investors zealously oppose … defenses in public companies. In this Article, I analyze the determinants of takeover defenses at IPO firms using an empirical … explain much of the variation in takeover defenses at IPO firms. Companies advised by law firms with more target-side M …

overreactive in nature, stymie the market, and create new opportunities for regulatory arbitrage. This is not surprising: takeover …

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 …

We construct a dynamic takeover law index using hand-collected data on legal provisions and empirically examine the … effect of takeover regulation to protect shareholders on shareholder wealth for bidders and targets in a multi …-country setting. We find that a stricter takeover law increases the wealth gains to the shareholders of the combined bidder and target …

Takeover defenses have long been a topic of considerable interest to scholars of finance and corporate law. Yet the …. This chapter considers a number of major topics related to takeover defenses, including the importance and effects of … poison pills and staggered boards, the causes and consequences of firms' varied levels of takeover defenses, the connection …

discusses the rise of takeovers and takeover defences in the United States. Against this backdrop, it examines recent … European Takeover Bid Directive, which Professor Hopt has described as “sobering”, in view of the large number of members … continued in discussion of takeovers and takeover defences in relation to two major Asian economies, Japan and China. As the …

We examine firm value consequences of anti-takeover regulation, exploiting the staggered announcement and … implementation of an anti-takeover regulation in the U.K. We show that, on average, takeover protection increases firm value. This … effect is partly driven by innovative firms expanding their R&D activities. However, the anti-takeover regulation also …