The Performance of White-Knight Management
研究发现，白衣骑士管理层过去通常做出过糟糕的投资决策，其降低价值的收购行为是这一模式的一部分，但股东几乎不会替换这些低效的管理者。
This paper finds that, on average, white-knight managers have previously made bad investment decisions and their value-decreasing bids are thus part of a pattern of bad investment decisions, but that there is almost no tendency for shareholders to replace these inefficient managers.