Institutional ownership decreases significantly with blockholder ownership and vise versa. Leverage increases significantly with insider ownership and outside board membership but not vise versa. Years of CEO employment decreases significantly with institutional and blockholder ownership, but not vise versa. The 'natural selection' argument. Size by log of stock market value.
CAR decreases significantly with the adoption of antitakeover amendments.
However, no evidence of a difference in CAR for different levels of insider ownership. The OLS regression confirms the above results regarding institutional and insider ownership. It also shows a higher decrease in CAR the more entrenching the amendments. The entrenchment argument. Note that managers can entrench themselves using anti-takeover provisions instead of stock ownership.