Working Paper

Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

This paper studies the effects of anti-takeover provisions on takeovers and identifies the channels through which they create or destroy value for firms, as well as for the economy as a whole. We provide causal estimates ? that also deal with the...Read more

Vicente Cuñat
Mireia Giné
01 August 2016

The Biases of an ?Unbiased? Optional Takeovers Regime: The Mandatory Bid Threshold as a Reverse Drawbridge

The role of private ordering in takeover regulation is one of the most relevant and interesting issues regarding the optimal regime for acquisitions of listed corporations. Support for more flexible rules and freedom of contract is gaining some...Read more

Marco Ventoruzzo
01 December 2015