Poison Pill

Working Paper

Shadow Pills, Visible Pill Policy, and Firm Value

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

Martijn Cremers
Scott B. Guernsey
Lubomir P. Litov
Simone Sepe
01 March 2019

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 menu rules...Read more

Luca Enriques
Ronald Gilson
Alessio Pacces
01 May 2013