The Law and Finance of Anti-Takeover Statutes

  title={The Law and Finance of Anti-Takeover Statutes},
  author={Emiliano Marambio Cat{\'a}n and Marcel Kahan},
Over the last fifteen years, numerous finance articles have examined the effect of antitakeover statutes (ATSs) on firm and managerial behavior. In this Article, we evaluate these studies from a theoretical-legal and an empirical-finance perspective. To assess the impact of an antitakeover statute from a theoretical perspective, one has to evaluate how the statute affects the ability of a firm to defend itself in light of the other defenses already available to the firm. The finance studies, by… CONTINUE READING