Center for Contract and Economic Organization
Center for Law and Economic Studies
We are delighted to participate in a 25th anniversary assessment of Martin Lipton's 1979 article, Takeover Bids in the Target's Boardroom. This is a remarkably prescient article that demonstrates an uncanny ear for an emerging issue. From his vantage point inside targets' boardrooms – and, we assume, also from inside the nearby offices of investment bankers – Lipton spotted a gathering storm on the horizon and sought to channel the emerging issue of takeover policy in a direction that accorded with his own fundamental convictions as well as the interests of his clients. As every academic knows, early intervention is the surest way to influence the path of a debate. And as Lipton's career-long commitment to scholarship demonstrates, he has always had a good bit of the academic in him.
Ronald J. Gilson & Reinier Kraakman,
Takeovers in the Boardroom: Burke Versus Schumpeter,
Available at: https://scholarship.law.columbia.edu/faculty_scholarship/2150