“…State laws, corporate bylaws and anti-takeover provisions limit the effectiveness of the market for corporate control as a disciplinary tool in US markets and its usefulness as a setting for this study (for example, Baysinger and Butler, 1985; Bebchuk et al , 2009; Li et al , 2019). Given the UK context of our study, where anti-takeover provisions are disallowed and when compared to findings of US studies, our results imply some support for the effectiveness of an open merger policy, should regulators desire a functional market for corporate control (Agrawal and Jaffe, 2003; Rhodes-Kropf et al , 2005; Powell and Yawson, 2007; Loderer and Waelchli, 2015).…”