Fig. 1 Monthly time series plot of proportion of all exchange-listed firms that are covered by (1) control share laws, (2) business combination laws, (3) poison pill rights issues, (4) any of the above, and (5) the proportion of all exchange-listed firms that received initial merger proposals, merger agreements, or inter-firm tender offers each month during 1975-91 (left-hand scale).
Fig. 2 Number of cash-only and securities-only successful takeovers of exchange-listed firms in the period 1975-91, by year of announcement.
Fig. 3 Monthly time series plot of the spread between the junk (less than Baa) and Aaa corporate bond yields and the proportion of all exchange-listed firms that received initial merger proposals, merger agreements, or inter-firm tender offers each month, 1975-91 (left-hand scale).
Fig. 4 Number of initial poison pill adoptions by year for all exchange-listed firms in the period 1984-91. Also, market share of large law firms used in pill adoptions. The 'big-two' law firms are Wachtell Lipton and Skadden Arps. The 'next-seven' law firms are Fried Frank Harris, Sullivan Cromwell, Cravath Swaine, Paul Weiss, Wilkie Farr, Shearman Sterling, and Jones Day.
Fig. 5 Event study showing the cumulative proportion of firms receiving merger and acquisition (M&A) announcements within a year of the date of adoption of an initial poison pill, for 960 exchange-listed firms that adopted pills in the period 1983-90. The dotted line shows the cumulative fraction, over corresponding two-year periods, for exchange-listed firms that never adopted a poison pill. M&A announcements include merger proposals, merger agreements, and inter-firm tender offers, regardless of success.
Cited 11 times in the SSCI through April 1996
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