Sanjai Bhagat, Andrei Shleifer, Robert W. Vishny, Gregg Jarrel, Lawrence Summers, Hostile Takeovers in the 1980s: The Return to Corporate Specialization, Brookings Papers on Economic Activity. Microeconomics, Vol. 1990 (1990), pp. 1-84
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Bhagat et al. (1990) studied this question.
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