Antitakeover Provisions and Shareholder Wealth: A Survey of the Literature
综述了反收购条款与股东价值关系的理论与实证研究，按短期事件研究、绩效变化、收购影响、公司特征及长期绩效等分类梳理证据，并讨论其在“良好治理”争论中的角色。
Abstract We survey theoretical and empirical research on antitakeover provisions, focusing on the relation between antitakeover provisions and shareholder value. We divide the empirical studies based upon the evidence that they provide: short-term event studies, studies on performance and policy changes around adopting antitakeover provisions or passing state antitakeover laws, studies on the impact of antitakeover provisions on takeovers, studies on the relation between antitakeover provisions and firm characteristics, and long-term studies on the relation between antitakeover provisions and firm performance or policies. We also discuss the place of antitakeover provisions in the current debate about “good governance” practices.