shareholder derivative litigations more difficult, we show that reduced litigation threats improve corporate takeover efficiency … avoid litigation. Taken together, we show that litigation risk can distort managers' incentives and destroy value ex ante …

restructuring firms directly. Such takeover activism should record superior returns as its opportunity cost includes the foregone …

continued in discussion of takeovers and takeover defences in relation to two major Asian economies, Japan and China. As the … 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 …

This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using multiple … research designs, we find that long-term focused (innovative) firms benefit from takeover protection. We also find that the …

evidence that the threat of exit from a block can discipline managers and that this threat is more effective when liquidity is …