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alone accounted for 94% of worldwide hostile targets in terms of transaction value in 1980-1989, and 79% in 1990-1998. American and British acquirers were responsible for roughly 80% of worldwide hostile takeovers during the 1980s and 1990s. In September, Guillen over 50 and William Schneper, a PhD student over 50 at Wharton, completed a related paper entitled, "Corporate Governance Legitimacy and Models of the Firm: A Comparative Study of Hostile Takeovers."  Corporate managers should not assume that the world, from the over 50 point of view of corporate governance, is becoming one big place, cautions Guillen. "If your company is expanding throughout the world, you still need to take into account those differences," he says. "You can’t ignore them thinking that they will be going away. [Such an approach] is bound to fail."
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