The Consequences to Directors for Deploying Poison Pills

The authors thank Vladimir Atanasov, Andrew Baker, David Becher, Tara Bhandari, Jay Cai, Emiliano Catan, Adrian Corum, Douglas Cumming, Vicente Cuñat, Paul Décaire, Isil Erel, David Feldman, Eli Fitch, Randall Heron, Peter Iliev, Tanja Kirmse, Michael Klausner, Camelia Kuhnen (editor), Doron Levit, Erik Lie, Lubo Litov (discussant), Michelle Lowry, Holger Mueller, Nagpurnanand Prabhala, Markus Schmid, Anil Shivdasani (discussant), Steven Davidoff Solomon, René Stulz, Peter Swan, Randall Thomas, Petra Vokata, Mike Weisbach, Jun Yang, Eyub Yegen (discussant), Josef Zechner, two anonymous referees, an anonymous associate editor, and seminar participants at the Gupta Governance Institute Spring Research Paper Seminar Series, Boca Corporate Finance and Governance Conference, Midwest Finance Association, University of Pittsburgh, Korea University Business School, Northeastern University, University of British Columbia, University of St. Gallen, University of California Berkeley Law, Economics and Accounting Workshop, Baylor University, George Mason University, La Trobe University, Ohio State University, University of Bath, University of Colorado Boulder, University of Massachusetts Lowell, University of New South Wales, University of South Carolina, Vanderbilt University, and Vienna University of Economics and Business for helpful comments and discussions. The authors are especially grateful to Alon Brav and Wei Jiang for sharing data on hedge fund targets; Thomas Schmid and Daniel Urban for sharing data on director deaths; Scott Guernsey, Feng Guo, Tingting Liu, and Matthew Serfling for making their data on classified boards publicly available; and Ofer Eldar, Tanja Kirmse, and Michael Wittry for sharing data on rumored bids around poison pills and hedge fund clicks.