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Many firms have devised defenses that make it much more costly or difficult for other firms to take them over. How might such takeover defenses

Many firms have devised defenses that make it much more costly or difficult for other firms to take them over. How might such takeover defenses affect the firm's agency problems? Are managers of firms with formidable takeover defenses more or less likely to act in the firm's interest rather than their own?

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