Suchergebnisse

This paper reviews the arguments concerning the role of hostile tender offers in today's corporate world. Some observers suggest that "corporate raiders" do not pay shareholders a fair price for their holdings and that they disrupt firms' day‐to‐day operations. Others point to the significant premiums paid to shareholders in tender offers, and they suggest that raiders play an important role in forcing changes in corporations. The paper also presents the authors' views on the viability of proposed regulations in the corporate control area.

This paper reviews the arguments concerning the role and effects of insider trading. In reviewing the law of insider trading, we concentrate on the main elements of the regulatory framework and court interpretations. We discuss economic issues involved in the debate over the benefits and costs of insider trading. Finally, we discuss evidence illustrating that legal market research can explain much of the runup in a target firm's stock price before a tender offer is formally announced.