... describe here the control variables that have to be considered in our study to analyse the predictive capacity of the toehold indicators. These variables, summarized in Table I , are: Take‐overs Return on investment Significant purchases of shares prior to the announcement of a takeover bid...

... adds to the corporate finance literature, which reports mixed findings on the relationships between takeover defenses and firm value. Elizabeth Webb can be contacted at: elizabeth.webb@phil.frb.org © Emerald Group Publishing Limited 2007 Financial institutions Default Take‐overs...