Poison Pill

Working Paper

01 March 2019

Shadow Pills, Pill Policy, and Firm Value

We analyze the impact of the right to adopt a poison pill – a “shadow pill” – on pill policy and firm value by exploiting the quasi-natural experiment provided by U.S. states’ staggered adoption of poison pill laws that validate...

Martijn Cremers | Scott B. Guernsey | Lubomir P. Litov | Simone Sepe
01 May 2013

The Case for an Unbiased Takeover Law (with an Application to the European Union)

Takeover regulation should neither hamper nor promote takeovers, but instead allow individual companies to decide the contestability of their control. Based on this premise, we advocate a takeover law exclusively made of default and...

Luca Enriques | Ronald Gilson | Alessio Pacces