The Disciplinary Role of Takeovers
基于信息不对称下的经理激励问题，提出收购的惩戒作用理论：知情的收购者可通过使经理薪酬对股东未知信息更敏感来减少激励问题。
This paper presents a theory of the disciplinary role of takeovers based on an explicit model of managerial incentive problems stemming from asymmetric information. It is argued that an informed raider can reduce incentive problems by making managerial compensation more sensitive to information unavailable to shareholders. The paper also highlights the importance of specifying the source of contractual inefficiencies when analyzing the effect of takeovers on incentives.