Abstract
This chapter discusses the market for corporate control, which has a primary external governance role. It considers the relationship between the market for hostile takeovers and corporate control, and studies the contribution of the corporate control market to innovations within the takeover market. It notes that there may be possible obstacles to the operation of the corporate control market, such as the free-rider problem and anti-takeover defenses. The chapter also analyzes the barriers to the functioning of the market.
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