Perspective
Jan. 28, 2015
Anti-takeover statutes and the takeover threat firms face
Anti-takeover statutes in various states may not have the effect that many studies suggest. By Emiliano M. Catan and Marcel Kahan
Over the last 15 years, numerous economics articles, many published in top finance journals, have examined the effect of takeover law on performance, leverage, managerial stock ownership, worker wages, patenting, acquisitions, and other firm actions. These studies have concluded, among other things, that anti-takeover laws are associated with a decline in managerial stock ownership, and increase in wages, and a decline in di...
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