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This paper presents a theory of the disciplinary role of takeovers based on an explicit model of managerial incentive problems stemming from a symmetric information. It is argued that an informed raider can reduc e incentive problems by making managerial compensation more sensitive to information unavailable to shareholders. The paper also highlight s the importance of specifying the source of contractual inefficienci es when analyzing the effect of takeovers on incentives. Copyright 1988 by The Review of Economic Studies Limited.
David Scharfstein (Fri,) studied this question.