M&A

Takeover Bids vs. Proxy Fights in Contests for Corporate Control

This paper evaluates the primary mechanisms for changing management or obtaining control in publicly traded corporations with dispersed ownership. Specifically, we analyze and compare three mechanisms: (1) proxy fights (voting...

Asking the Right Question: The Statutory Right of Appraisal and Efficient Markets

In this Article, we make several contributions to the literature on appraisal rights and similar cases in which courts assign values to a company’s shares in the litigation context. First, we applaud the recent trend in Delaware cases...

Mergers and Acquisitions in Europe

Corporate Restructuring and Bondholder Wealth

Mergers, Spin-offs, and Employee Incentives

Corporate Governance Convergence: Evidence from Takeover Regulation

Freeze-Outs: Transcontinental Analysis and Reform Proposals

Disentangling the Link Between Stock and Accounting Performance in Acquisitions

We study the accounting and stock performance of 4,547 US acquisitions during 1989 and 2008. We categorise acquisitions into four types based on the four possible combinations of positive or negative abnormal stock performance and...

Do target CEOs sell out their shareholders to keep their job in a merger?

Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture Backed Firms

Contractual Corporate Governance

Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions

In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. We measure the difference in the bidder and target corporate governance (in terms of...