Knights, Raiders, and Targets

28 April 2009 at 5:05 pm 1 comment

| Peter Klein |

When doing my dissertation research long, long ago I was influenced by an edited volume called Knights, Raiders, and Targets: The Impact of the Hostile Takeover (Oxford University Press, 1988). It collected the proceedings of a 1985 Columbia Law School conference that must have been terrific. The authors include Robert Shiller, John Coffee, Mel Eisenberg, Oliver Williamson, David Ravenscraft and F. M. Scherer (previewing results of their important 1987 book), Richard Roll, Michael Bradley, and Gregg Jarrell, among others, with several contributions appearing in a comments-and-replies format. I just learned that one of the editors, Louis Lowenstein of Columbia Law, passed away this month.  I’m not familiar with his best-known book, What’s Wrong With Wall Street: Short-Term Gain and the Individual Shareholder (1988). Apparently it proposes a tax on short-term trading profits to reward buy-and-hold investors, which doesn’t sound great to me.

Entry filed under: - Klein -, Corporate Governance, Law and Economics.

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1 Comment Add your own

  • 1. James Hasik  |  28 April 2009 at 7:42 pm

    As Fama & French long ago taught me that buy-and-hold brings better rewards, why on Earth would a government need to provide those? Yeesh.

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