Capital Structure and Corporate Control: The Effect of Antitakeover Statutes on Firm Leverage
研究发现，受第二代反收购法保护的企业显著降低了债务使用，而未受保护的企业则相反，支持了敌意收购威胁促使管理者承担债务的理论。
We find that firms protected by “second generation” state antitakeover laws substantially reduce their use of debt, and that unprotected firms do the reverse. This result supports recent models in which the threat of hostile takeover motivates managers to take on debt they would otherwise avoid. An implication is that legal barriers to takeovers may increase corporate slack.