We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …

We study the impact of corporate networks on the takeover process. We find that better connected companies are more … active bidders. When a bidder and a target have one or more directors in common, the probability that the takeover … invited to the board of the combined firm in connected M&As. While connections have a clear impact on the takeover strategy …

empire-building CEOs. The prospect of a future takeover means that CEOs with no ownership stake will over-invest in some …'s position in a hostile takeover induce raiders to launch friendly takeovers sooner. The increased takeover threat induces CEOs … takeover gains are high. Optimal ownership-generated incentives and the market for corporate control add more value after …

dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this …