The Life Cycle Effects of Corporate Takeover Defenses
研究发现，收购防御对公司价值的影响随企业年龄变化：年轻企业使用防御措施能提升价值，但随企业老化，防御措施反而降低价值，因为防御措施具有粘性且很少被移除。
Abstract We document that the relation between firm value and the use of takeover defenses is positive for young firms but becomes negative as firms age. This value reversal pattern reflects specific changes in the costs and benefits of takeover defenses as firms age and arises because defenses are sticky and rarely removed. Firms can attenuate the value reversal by removing defenses, but do so only when the defenses become very costly and adjustment costs are low. The value reversal explains previous mixed evidence about takeover defenses and implies that firm age proxies for takeover defenses’ heterogeneous impacts on firm value. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.