The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition Likelihood
扩展了Palepu（1986）的收购可能性模型，发现有形资产比例与收购概率正相关，公司规模和机构持股净变化与收购概率负相关，而空白支票优先股是唯一显著降低收购可能性的反收购措施。
This paper extends the Palepu (1986) acquisition likelihood model by incorporating measures of insider and institutional shareholdings, by examining the deterrent effect of various takeover defenses, and by considering the effect of varying proportions of fixed (tangible) assets in a firm's total asset structure. We find that the probability of receiving a takeover bid is positively related to tangible assets, and negatively related to firm size and to the net change in institutional holdings. Blank-check preferred stock authorizations are the only common takeover defense significantly (negatively) correlated with acquisition likelihood.