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| Author: | Schnitzer, M. |
| Title: | "Breach of trust" in takeovers and the optimal corporate charter |
| Journal: | Journal of Industrial Economics
1995 : SEP, VOL. 43:3, p. 229-259 |
| Index terms: | MERGERS COMPANIES EFFICIENCY |
| Language: | eng |
| Abstract: | The paper analyzes how takeovers, various takeover defenses, and golden parachutes affect the value of target companies, using an incomplete contracts framework. The author considers a raider who can improve the efficiency of production and appropriate rents of stakeholders of the company. Anticipating the exploration of his rents, the manager's relationship specific investments will be too small, which may offset the value increase through the takeover. |
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