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Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s

NBER Working Paper No. w8220
2001
  • 9
    Citations
  • 22,042
    Usage
  • 4
    Captures
  • 0
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Citations
    9
    • Citation Indexes
      9
  • Usage
    22,042
    • Abstract Views
      21,799
    • Downloads
      243
  • Captures
    4
    • Readers
      4
      • SSRN
        4
  • Ratings
    • Download Rank
      252,264

Paper Description

This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed in the second half of the decade, while LBOs and hostility did not. Instead, internal corporate governance mechanisms appear to have played a larger role in the 1990s. We conclude by considering whether these changes and the movement toward shareholder value are likely to be permanent.

Bibliographic Details

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