Video By: Ian Berry
While i agree with Robin that the take over laws are llsicrouduy favorable to incumbent management, I am not sure that overall economic efficiency suffers by that much. I think management, at least in large companies, are mostly sufficiently incentivised nowadays to minimize their rent seeking at a level sufficiently low enough not to hurt the overall performance of an economy. What keeps the rent seeking at a tolerable level is the very visible share price, which give very clear signals to people to apply Ostram type shame to managers who are obviously plundering or abusing their position.
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