performance and influence managers to make value-enhancing investment decisions …

economies. Entrenchment mechanisms commonly used by US firms in the form of anti-takeover provisions (ATPs) may offer some … in terms of announcement returns and long-run operating performance improvements. Takeover premiums are also … evidence, larger acquirers are just as likely to be targeted for takeover as smaller acquirers, indicating that size is not an …

-controlling investors. This, in turn, increases the acquirer's capacity to raise outside funds to finance the takeover. Absent effective … effective competition, the increased outside funding capacity makes it less likely that the takeover outcome is determined by … ability to create value. Accordingly, stronger legal investor protection can improve the efficiency of the takeover outcome …

for deterring takeovers. Therefore, as antitakeover statutes mitigate takeover threats, they enhance managers' incentives …We test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a … this association. Our findings are consistent with takeover protection and poor disclosure serving as substitute mechanisms …