Randall S. Thomas

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Using the first large-scale sample of hedge fund activism, from 2004-05, we show that activist hedge funds resemble value investors and that the announcement of hedge fund activism generates statistically significant abnormal returns, in the range of 5-7% for a 20-day window, with results that are robust for different buy-and-hold periods. Target firms have(More)
Systematic toxicity testing, using conventional toxicology methodologies, of single chemicals and chemical mixtures is highly impractical because of the immense numbers of chemicals and chemical mixtures involved and the limited scientific resources. Therefore, the development of unconventional, efficient, and predictive toxicology methods is imperative.(More)
* This paper was started while Gillan was with the TIAA-CREF Institute. The views expressed in this paper are those of the authors and do not necessarily reflect those of TIAA-CREF. We would like to thank Abstract We provide arguments and present evidence that corporate governance structures are composed of interrelated mechanisms, which are in turn(More)
A combination of experimental and simulation approaches were used to analyze the clonal growth of preneoplastic, enzyme-altered foci during liver carcinogenesis in an initiation-promotion regimen. Male Fisher 344 rats, 8 weeks of age, were initiated with a single dose (200 mg/kg, i.p.) of diethylnitrosamine (DEN). Beginning 2 weeks later, animals were(More)
2000, is a preliminary version of a paper to be presented at a University of Pennsylvania Law School conference on Norms and Corporate Law in December, 2000. A later version will include more complete footnotes. I am grateful for excellent suggestions received from Henry Smith and George Triantis. Interested readers can contact s-levmore@uchicago.edu, where(More)
During a 2-year chronic inhalation study on methylene chloride (2000 or 0 ppm; 6 hr/day, 5 days/week), gas-uptake pharmacokinetic studies and tissue partition coefficient determinations were conducted on female B6C3F1, mice after 1 day, 1 month, 1 year, and 2 years of exposure. Using physiologically based pharmacokinetic (PBPK) modeling coupled with Monte(More)
Among the arguments that have been put forward to support the view that takeover defenses increase shareholder returns when a company becomes a takeover target, the " bargaining power hypothesis " is the most commonly cited argument today. Under this theory, takeover defenses allow the target to extract more in a negotiated acquisition because the bidder's(More)
Biologically based models with physiological parameters are becoming more popular as a tool to estimate target tissue doses from chemical exposures. However, the majority of current physiologically based pharmacokinetic (PBPK) models do not take into account the uncertainty and/or variability within the various model parameters. Consideration of uncertainty(More)
a r t i c l e i n f o a b s t r a c t Using hand-collected data, we examine the targeting of shareholder class action lawsuits in merger and acquisition (M&A) transactions, and the associations of these lawsuits with offer completion rates and takeover premia. We find that M&A offers subject to shareholder lawsuits are completed at a significantly lower(More)