Takeovers in the '60s and the '80s: Evidence and Implications

Andrei Shleifer and Robert W. Vishny

Scholarly Articles from Harvard University Department of Economics

Abstract: This paper reviews the evidence on takeover waves of the 1960s and 1980s, and discusses the implications of this evidence for corporate strategy, agency theory, capital market efficiency, and antitrust policy. We conclude that antitrust policy played an important role in the two takeover waves, and that the wave of the ';60s presents a problem for efficient capital markets.

Date: 1991
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Published in Strategic Management Journal

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