This article examines both the shareholder wealth effects of employee stock ownership plans (ESOPs) announced by firms subject to takeover pressure and the takeover incidence of targets with and without ESOPs. Although we do not find that defensive ESOPs significantly reduce shareholder wealth...

Enterprise risk management (ERM) refers to the identification, quantification, and management of all of a company's risks within a "unified" framework. This approach is much more comprehensive than traditional risk management practice, where different types of risk are managed by different...