Antitakeover provisions and investment in mergers and acquisitions: A causal reevaluation

Amihud, 1981, Risk reduction as a managerial motive for conglomerate mergers, Bell J. Econ., 12, 605, 10.2307/3003575 Angrist, 2009 Atanassov, 2013, Do hostile takeovers stifle innovation? Evidence from antitakeover legislation and corporate patenting, J. Financ., 68, 1097, 10.1111/jofi.12019 Bauguess, 2008, Protective governance choices and the value of acquisition activity, J. Corp. Finan., 14, 550, 10.1016/j.jcorpfin.2008.09.011 Bebchuk, 2009, What matters in corporate governance?, Rev. Financ. Stud., 22, 783, 10.1093/rfs/hhn099 Bertrand, 2003, Enjoying the quiet life? Corporate governance and managerial preferences, J. Polit. Econ., 111, 1043, 10.1086/376950 Cain, 2017, Do takeover laws matter? Evidence from five decades of hostile takeovers, J. Financ. Econ., 124, 464, 10.1016/j.jfineco.2017.04.003 Carline, 2021 Catan, 2016, The law and finance of antitakeover statutes, Stanford Law Rev., 68, 629 Certo, 2016, Sample selection bias and Heckman models in strategic management research, Strateg. Manag. J., 37, 2639, 10.1002/smj.2475 Chemmanur, 2012, Dual class IPOs: a theoretical analysis, J. Bank. Financ., 36, 305, 10.1016/j.jbankfin.2011.07.010 Chemmanur, 2011, Management quality and antitakeover provisions, J. Law Econ., 54, 651, 10.1086/655805 Chemmanur, 2018, Do antitakeover provisions spur corporate innovation? A regression discontinuity analysis, J. Financ. Quant. Anal., 53, 1163, 10.1017/S0022109018000029 Cohn, 2020, A project level analysis of value creation in firms, Financ. Manag., 49, 423, 10.1111/fima.12249 Core, 2006, Does weak governance cause weak stock returns? An examination of firm operating performance and investors’ expectations, J. Financ., 61, 655, 10.1111/j.1540-6261.2006.00851.x Cuñat, 2020, Price and probability: decomposing the takeover effects of antitakeover provisions, J. Financ., 75, 2591, 10.1111/jofi.12908 Drobetz, 2020, Antitakeover provisions and firm value: new evidence from the M&A market, J. Corp. Finan., 62, 1, 10.1016/j.jcorpfin.2020.101594 Fuller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, J. Financ., 57, 1763, 10.1111/1540-6261.00477 Giroud, 2011, Corporate governance, product market competition, and equity prices, J. Financ., 66, 563, 10.1111/j.1540-6261.2010.01642.x Gompers, 2003, Corporate governance and equity prices, Q. J. Econ., 118, 107, 10.1162/00335530360535162 Gormley, 2016, Playing it safe? Managerial preferences, risk, and agency conflicts, J. Financ. Econ., 122, 431, 10.1016/j.jfineco.2016.08.002 Gorton, 2009, Eat or be eaten: a theory of mergers and firm size, J. Financ., 64, 1291, 10.1111/j.1540-6261.2009.01465.x Hansen, 1996, Externalities and corporate objectives in a world with diversified shareholders/consumers, J. Financ. Quant. Anal., 31, 43, 10.2307/2331386 Harford, 2005, What drives merger waves?, J. Financ. Econ., 77, 529, 10.1016/j.jfineco.2004.05.004 Harford, 2012, The sources of value destruction in acquisitions by entrenched managers, J. Financ. Econ., 106, 247, 10.1016/j.jfineco.2012.05.016 Hoechle, 2012, How much of the diversification discount can be explained by corporate governance?, J. Financ. Econ., 103, 41, 10.1016/j.jfineco.2011.03.025 Holmström, 1999, Managerial incentive problems: a dynamic perspective, Rev. Econ. Stud., 66, 169, 10.1111/1467-937X.00083 Humphery-Jenner, 2014, Takeover defenses, innovation, and value creation: evidence from acquisition decisions, Strateg. Manag. J., 35, 668, 10.1002/smj.2121 Jensen, 1976, Theory of the firm: managerial behavior, agency costs, and ownership structure, J. Financ. Econ., 3, 305, 10.1016/0304-405X(76)90026-X Johnson, 2015, The bonding hypothesis of takeover defenses: evidence from IPO firms, J. Financ. Econ., 117, 307, 10.1016/j.jfineco.2015.03.008 Karolyi, 2015 Karpoff, 2017, Do takeover defense indices measure takeover deterrence?, Rev. Financ. Stud., 30, 2359, 10.1093/rfs/hhx025 Karpoff, 2018, Institutional and legal context in natural experiments: the case of state antitakeover laws, J. Financ., 73, 657, 10.1111/jofi.12600 Maksimovic, 2013, Conglomerate firms, internal capital markets, and the theory of the firm, Ann. Rev. Financ. Econ., 5, 225, 10.1146/annurev-financial-110112-120933 Masulis, 2007, Corporate governance and acquirer returns, J. Financ., 62, 1851, 10.1111/j.1540-6261.2007.01259.x Mitchell, 1990, Do bad bidders becomes good targets?, J. Polit. Econ., 98, 372, 10.1086/261682 Moeller, 2005, Global diversification and bidder gains: a comparison between cross-border and domestic acquisitions, J. Bank. Financ., 29, 533, 10.1016/S0378-4266(04)00047-0 Moeller, 2004, Firm size and the gains from acquisitions, J. Financ. Econ., 73, 201, 10.1016/j.jfineco.2003.07.002 Morck, 1990, Do managerial objectives drive bad acquisitions?, J. Financ., 45, 31, 10.1111/j.1540-6261.1990.tb05079.x Phalippou, 2015, Acquiring acquirers, Rev. Financ., 19, 1489, 10.1093/rof/rfu037 Renneboog, 2019, Failure and success in mergers and acquisitions, J. Corp. Finan., 58, 650, 10.1016/j.jcorpfin.2019.07.010 Roll, 1986, The hubris hypothesis of corporate takeovers, J. Bus., 59, 197, 10.1086/296325 Schneider, 2019 Shleifer, 1989, Management entrenchment: the case of manager-specific investments, J. Financ. Econ., 25, 123, 10.1016/0304-405X(89)90099-8 Smith, 2019, Are antitakeover amendments good for shareholders? Evidence from the adoption of antitakeover provisions in the post-SOX era, Q. J. Financ., 9, 1, 10.1142/S2010139219500149 Stein, 1988, Takeover threats and managerial myopia, J. Polit. Econ., 96, 61, 10.1086/261524 Straska, 2014, Antitakeover provisions and shareholder wealth: a survey of the literature, J. Financ. Quant. Anal., 49, 933, 10.1017/S0022109014000532 Travlos, 1987, Corporate takeover bids: methods of payment and bidding firms’ stock returns, J. Financ., 42, 943, 10.1111/j.1540-6261.1987.tb03921.x Wang, 2018, Bid anticipation, information revelation, and merger gains, J. Financ. Econ., 128, 320, 10.1016/j.jfineco.2018.02.010 Wooldridge, 2010