Corporate vulnerability to cash tender offers
研究了为何有些企业更容易成为敌意要约收购的目标，发现目标企业管理层在业务战略的规划或执行上存在不足，从而增加了被收购的脆弱性。
Abstract This paper reports and discusses empirical results of a study which examines why some firms are attacked via unfriendly tender offers and other firms are not. The evidence indicates that target firms' managers ineffectively plan and/or implement business strategy, thus increasing their vulnerability to takeovers.