14 H. DeAngelo and E. M. Rice, “Antitakeover Charter
AmendmentsandStockholderWealth,”JournalofFinancial
Economics11 (1983): 329–360.
15 Inastandstillagreement,afirmentersintoanagreement
withapotentialhostileacquirerwherebytheacquireragrees
not to acquire any more shares. In return, the acquirer
receives cash or other compensation.
16 This is a fancynamefor greenmail,whereby thestake
acquired by a potential acquirer is bought back by the
company ata substantial premium over the price paid. In
return,theraidersignsastandstillagreementnottoacquire
shares in the company for a specific time period.
17 L. Y.Dann and H. DeAngelo, “Standstill Agreements,
PrivatelyNegotiatedStockRepurchases,andtheMarketfor
Corporate Control,” Journal of Financial Economics 11
(1983): 275–300.
18 L.Y.DannandH.DeAngelo,“CorporateFinancialPolicy
andCorporateControl:AstudyofDefensiveAdjustmentsin
Asset and Ownership Structure,” Journal of Financial
Economics20 (1988): 87–128.
19 R. Comment and G.W. Schwert, “Poisonor Placebo?
Evidence on the Deterrence and Wealth Effects of
AntitakeoverMeasures,”JournalofFinancialEconomics 39
(1995): 3–43.
20 M. Faccio and L. Lang, “The Ultimate Ownership of
EuropeanCorporations,”JournalofFinancialEconomics 65
(2002): 365–396.They analyze5,232firms in Europeand