We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … and takeover threat. As a result, the takeover market is not sufficiently liquid and too few takeovers occur. Furthermore …, the liquidity in the takeover and managerial labour markets are inversely related. When poaching successful managers …

Leveraged buyouts (LBO) are generally explained in terms of a governance mechanism that disciplines management. It is … operationalized by increasing the leverage of a firm, which has an implicit consequence of constraining management in the use of free … funds on the back of the acquired company's operating assets. A securitized LBO imposes explicit restrictions on management …

but also more likely to cause management resistance in the event of not doing so. The deterrent effect is likely to be … managerial entrenchment causes management resistance rather than that the motive is to compensate for having less pre … management resistance …

Purpose: Capitalizing on a unique measure of takeover susceptibility principally based on the staggered implementation … of state laws, we explore the takeover market’s effect on managerial ownership. The market for corporate control, often … known as the takeover market, is an important external governance mechanism, whereas managerial ownership is a vital …

takeover bid resistance. Tests on a sample of cash tender offers provide support for the managerial welfare hypothesis. The …

of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …