Takeover Defenses and Dilution: A Welfare Analysis
现有理论认为接管水平不足，但本文指出考虑管理层防御行为后，接管可能过度，对研究公司控制权市场的学者有参考价值。
Existing theory suggests that, in an unregulated market for corporate control, the level of takeovers is suboptimal because shareholders do not receive the full benefit from them.However, existing theory neglects that the threat of takeover may divert managerial effort from productive to defensive activities.This paper shows that, when this is considered, takeovers may, in fact, be excessive.I.