This paper focuses on the relative importance of board monitoring and the hostile takeover market in disciplining managers that make poor acquisition decisions. Contrary to Mitchell and Lehn (1990), there is little evidence that takeovers that are poorly received by capital markets result in a firm becoming the target of a hostile takeover. A forced turnover of a top executive is more likely, however, the more negative is the abnormal return associated with an acquisition announcement. The relationship between forced turnover and negative acquisition returns is stronger during periods of less intense hostile takeover activity. Hence, it appears that being disciplined for making a poor acquisition is more a function of internal discipline than the workings of the takeover market.

This book examines the effectiveness of corporate takeovers. The dominant ideologies of corporate takeovers include synergistic gains and its managerial disciplinary role. These dominant themes are being undermined by the challenges of costly acquisitions. The UK Takeover Code is a regulatory response to the role of managers of target companies only. Also, the regulatory framework for takeovers in the United States is largely focused on target companies. The book demonstrates that managements can influence the role of takeovers, thereby undermining its synergistic and disciplinary values. Presenting an identification and evaluation of the limits of current regulatory and judicial control over the role of management during takeovers in the UK and the US -Delaware, it will identify the relevance of institutional control as an effective mechanism for addressing the challenges of managerial influence over takeover functions. It will also identify how the role of managements can be addressed with the complementary benefit to shareholder and employee interests; thereby challenging the shareholder/ stakeholder primacy debate in corporate law, particularly in relation to takeovers. This book will be essential reading for scholars and students interested in the market for corporate control, corporate law and company law.

Many highly paid investment gurus will insist that successful investing is a function of painfully collected experience, expansive research, skillful market timing, and sophisticated analysis. Others emphasize fundamental research about companies, industries, and markets. Based on thirty years in the investment industry, I say the ingredients for a successful investment portfolio are stubborn belief in the quality, diversification, growth, and long-term principles from Investments and Management 101. Unlike MBA textbooks, which tend to be more theoretical, Investment Discipline provides more practical insight into what works and what does not, based on my own errors and success and includes recommendations of what to repeat and what to avoid. Investment Discipline contains no secrets and no magic equations. It discusses the most common mistakes and provides advice on how to avoid these errors in order to become a successful investor. It will guide you in your decisions, from setting up your investment objectives, conducting research, and buying/ selling securities to adjusting your portfolio to achieve long-term returns that match your personal objectives. You will learn how to: Define your investment profile and your specific objectives; Establish a sustainable investment process based on your objectives; Analyze information and perform your own research; and Make sound investment decisions. Famous investment professionals, such as Warren Buffett and Peter Lynch, have made mistakes, but they did not repeat them. They held on stubbornly to their investment approach and showed discipline over a long time period, resulting in superior returns. Obviously they were lucky as well; however, they played the numbers right, and over time their performance was better than the performance of their peers. In Investment Discipline, you will learn how to become a successful, disciplined investor.

Traditionally, investment portfolios are managed by people with years of experience who graduated from the best schools. We are told they have nearly mystical ways of forecasting stock prices that we ordinary investors wouldn't understand. However, now there is a small but growing number of managers who reject the traditional "you-wouldn't-understand" approach. Instead, they are completely open and transparent about the process they apply to make investment decisions. These are the "Naked Portfolio Managers."When you've had enough of other methods that are being used to manage your portfolio, The Naked Portfolio Manager can help. By understanding the disciplined rule-based decision-making methodologies based on Statistical Prediction Methods (SPMs), you can transform the way you make investment decisions.The Naked Portfolio Manager makes the case for a new approach to investment decision making.bull; it discusses the hard facts about the performance of the highest paid portfolio managers in the business. (Brace yourself, it sounds a lot like the emperor is wearing no clothes.) bull; it presents a fascinating examination of how decisions are made, with actual case studies bull; it explains, with clear examples, how Statistical Prediction Methods are created and how they can be put to work with your portfolio.So, if you are ready to take an objective look at how your portfolio is being handled, with an eye to considering new, more effective ways to approach managing your investments or having them managed for you, The Naked Portfolio Manager will expand your horizons and lead you in a direction you may never have considered before.

In this dissertation, I try to advance our understanding of how managerial discretion and corporate financial flexibility affect various corporate outcomes such as failure, excessive (sub-optimal) continuation, firm growth and investment, in three novel ways. First, I show that the empirical effect of finance is not merely a misspecified real influence but rather that the financial structure of firms matter for firm growth and investment where the real effects of finance arise out of the imperfect substitutability between internal funding and external private credit. Second, using managerial mergers and acquisitions (M & A) investment decisions as an identification mechanism, I find that managerial discretion combined with corporate financial flexibility may lead to distortions in corporate investment and financing policies, and those distortions cost the various stakeholders of the firm dearly. Furthermore, using another sample of distressed firms worth more dead than alive, I, along with a co-author, show that most of these firms continue operations long after the optimal exit time. The failure to liquidate costs the typical sample firm over three years 8.7% of its assets in lost earnings relative to the industry median. Finally, I find that capital market does not fully internalize the costs associated with managerial sub-optimal behaviors in the short run. Although the market disciplines managerial sub-optimal behaviors in the long run, the market disciplinary mechanisms may not be swift enough to forestall falling values for the various stakeholders of the firm. Succinctly, the findings in this dissertation suggest that managerial discretion and corporate financial flexibility entail real consequences for various firm dynamics. The traditional line of argument, "Blame It on the Market," may not be well grounded, and firms need to carefully examine their investments and financing policies in good times to cushion against systematic shocks in bad times.

In Smart Money, Dr. Teitelbaum conveys how to identify and overcome our emotional roadblocks that interfere with successful investing, and he explores ways for people to develop greater trust in their ability to navigate their own investment decisions and to reduce their reliance on financial advisors. We all have personality issues that can become impediments to successful investing in the stock market and lead us into pitfalls, like buying high and selling low, following the herd, and searching for the next guru. Dr. Teitelbaum explains how addressing and overcoming our personal obstacles and implementing a set of guidelines such as distinguishing luck from skill, leaving your ego out of investment decisions, recognizing the value of self-discipline, avoiding self-deception, taming your inner con man and inner critic, and tuning out the media “noise” will enable investors to achieve a greater degree of success. Praise for Smart Money “In this painstakingly researched and well-written book, the clinical psychologist Stan Teitelbaum has applied his craft to something all investors know too well—our emotions, and human foibles often diminish our portfolio results. He takes you through countless cases of common mistakes using markets and the heroes of the past. As you read it, you will personally identify with some of his examples and find yourself saying, “That’s me!” As a result, you are likely to learn some important money-management lessons along the way.” Byron Wien, vice chairman of Blackstone Private Wealth Solutions Group “Stanley Teitelbaum’s disciplined approach to investing is a wise path for individual investors to build wealth over time. His understanding of the stock market’s volatility, its cyclicality, its inherent risks, and its history of performance informs that approach. Dr. Teitelbaum illustrates clearly how our own behavior and our very human impulses often lie at the bottom of our disappointing investment results and how recognizing and controlling our behavior can lead to successful investing.” Al Messina, managing director, Silvercrest Asset Management Group “This is quite an engaging book about psychological perceptions of risk and its relation to stock investing. It should appeal to both financial types and a general audience.” Edward N. Wolff, professor of economics, New York University

This book is intended for both practising managers who require a thorough knowledge of the principles of making investment decisions in the real world and for students undertaking financial courses whether at undergraduate, MBA or professional levels. The subject matter encompasses relevant aspects of the investment decision varying from a basic introduction to the appraisal techniques available to placing investment decisions within a strategic context and coverage of recent developments including real options, value at risk and environmental investments.