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.
© Copyright 1995, Elsevier
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