Inefficient Results in the Market for Corporate Control: Highest Bidders, Highest-Value Users, and Socially Optimal Owners.

The article discusses the reaction of stock markets to consolidations and mergers of corporations in the United States, including in regard to the strategic bidding for corporation purchases and the U.S. government's regulations of corporate takeovers. The relationship between bidding for corporation takeover and the socially optimal price of the corporation purchase is discussed.