+612 9045 4394
 
CHECKOUT
Knights, Raiders, and Targets : The Impact of the Hostile Takeover - John C. Coffee

Knights, Raiders, and Targets

The Impact of the Hostile Takeover

By: John C. Coffee (Editor), Louis Lowenstein (Editor), Susan Rose-Ackerman (Editor)

Paperback Published: 23rd June 1988
ISBN: 9780195044041
Number Of Pages: 560

Share This Book:

Paperback

RRP $243.95
$147.90
39%
OFF
or 4 easy payments of $36.98 with Learn more
This title is not in stock at the Booktopia Warehouse and needs to be ordered from our supplier.
Click here to read more about delivery expectations.

Fascinating as the corporate takeovers of recent years have been--with their "golden parachutes" and junk bonds, "greenmailers" and white knights--it is far from clear what underlying forces are at work, and what their long-term consequences will be. Debate over these questions has become polarized: some see takeover threats as disciplinary mechanisms that induce managers to behave efficiently and move assets to higher valued uses or into the hands of more efficient managers; others claim that corporate raiders have produced few observable increases in operating efficiency, but rather have disrupted business planning, enforced a preoccupation with the short-term, and tilted the balance sheets of corporate America towards dangerously high debt levels. Such sharp conflicts in theory and evidence have produced considerable governmental confusion concerning the appropriate policy response. Scores of bills have been introduced in Congress, but legislators are no more in agreement than scholars.
Knights, Raiders, and Targets represents one of the first sustained efforts to refine and clarify these issues. Based on papers presented at a symposium sponsored by the Columbia Law School's Center for Law and Economic Studies, it also includes discussion of the informal presentations made at the symposium by the CEOs of several major corporations. This important book airs new theories and offers vital and exciting discussion of the essential issues attached to an event that has become central to American corporate culture.

"An illuminating set of studies that offer a wide spectrum of opinions and conclusions....There is much information and insight to be gained from these pages, and those interested in the subject would do well to start here."--Journal of Economic Literature "There is much information and insight to be gained from these pages, and those interested in the subject would do well to start here."--William S. Comanor, Journal of Economic Literature "An excellent discussion of acquisitions, unique in that it provides a variety of academic, legal, and managerial insights into the subject. The 'comments' in each section are very thought-provoking in the criticisms and extensions they suggest."--Anju Seth, University of Houston "Breadth and balance make this a good one-volume summary of the takeover debate."--Issues in Science and Technology "Comprehensive treatment of important issues...useful as a supplement to law-and-economics courses."--Donald Solar, C. W. Post College "An illuminating set of studies that offer a wide spectrum of opinions and conclusions....There is much information and insight to be gained from these pages, and those interested in the subject would do well to start here."--Journal of Economic Literature "There is much information and insight to be gained from these pages, and those interested in the subject would do well to start here."--William S. Comanor, Journal of Economic Literature "An excellent discussion of acquisitions, unique in that it provides a variety of academic, legal, and managerial insights into the subject. The 'comments' in each section are very thought-provoking in the criticisms and extensions they suggest."--Anju Seth, University of Houston "Breadth and balance make this a good one-volume summary of the takeover debate."--Issues in Science and Technology "Comprehensive treatment of important issues...useful as a supplement to law-and-economics courses."--Donald Solar, C. W. Post College

Contributors Sponsors Introduction 1: Hostile Takeovers and Junk Bond Financing: A Panel Discussion CAPITAL MARKETS, EFFICIENCY, AND CORPORATE CONTROL 2: Martin Shubik: Corporate Control, Efficient Markets, and the Public Good 3: Robert J. Shiller: Fashions, Fads, and Bubbles in Financial Markets 4: Franklin R. Edwards: Comment 5: Michael A. Salinger: Comment MANAGERIAL BEHAVIOR AND TAKEOVERS 6: John C. Coffee, Jr.: Shareholders Versus Managers: the Strain in the Corporate Web 7: Malcolm S. Salter and Wolf A. Weinhold: Corporate Takeovers: Financial Boom or Organizational Bust? 8: Victor Brudney: Comment 9: Melvin A. Eisenberg: Comment: Golden Parachutes and Managers--A Risk-Neutral Perspective 10: Oliver E. Williamson: Comment: Shareholders and Managers--A Risk-Neutral Perspective EVIDENCE ON THE GAINS FROM MERGERS AND TAKEOVERS 11: Ellen B. Magenheim and Dennis C. Mueller: Are Acquiring-Firm Shareholders Better Off after an Acquisition? 12: David J. Ravenscraft and F. M. Scherer: Mergers and Managerial Performance 13: Edward S. Herman and Louis Lowenstein: The Efficiency Effects of Hostile Takeovers 14: Richard Roll: Empirical Evidence on Takeover Activity and Shareholder Wealth 15: Michael Bradley and Gregg A. Jarrell: Comment 16: Warren A. Law: Comment 17: Discussion MERGERS AND TAKEOVERS: TAXES, CAPITAL STRUCTURE, AND THE INCENTIVES OF MANAGERS 18: Ronald J. Gilson, Myron S. Scholes, and Mark A. Wolfson: Taxation and the Dynamics of Corporate Control: The Uncertain Case for Tax-Motivated Acquisitions 19: Alan J. Auerbach and David Reishus: Taxes and the Merger Decision 20: Michael C. Jensen: The Takeover Controversy: Analysis and Evidence 21: Richard S. Ruback: Comment 22: John L. Vogelstein: Comment 23: Elliott J. Weiss: Comment 24: Martin D. Ginsburg: Comment LEGAL RULES, TAKEOVER STRATEGIES, AND DEFENSIVE TACTICS 25: Lucian Arye Bebchuk: The Pressure to Tender: An Analysis and a Proposed Remedy 26: Deborah A. DeMott: Comparative Dimensions of Takeover Regulation 27: Peter Frazer: The Regulation of Takeovers in Great Britain 28: Douglas H. Ginsburg: Comment 29: Marshall L. Small: Comment 30: Stanley Sporkin: Comment ONE SHARE, ONE VOTE 31: Joel Seligman: Stock Exchange Rules Affecting Takeovers and Control Transactions 32: Daniel R. Fischel: Organized Exchanges and the Regulation of Dual Class Common Stock 33: Robert H. Mundheim: Comment 34: A. A. Sommer, Jr.: Comment Index

ISBN: 9780195044041
ISBN-10: 0195044045
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 560
Published: 23rd June 1988
Country of Publication: US
Dimensions (cm): 23.32 x 15.95  x 3.18
Weight (kg): 0.84