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What Makes a Proxy War Winnable — Or Not

The size of target companies and the amount of money spent on campaigns aren’t decisive factors, a recent study says.

What factors determine the ultimate outcome of proxy wars? Hard to say, but apparently the size of the targeted enterprise does not. While few doubt that the proxy fights have increasingly targeted large-cap companies, a recent analysis shows, among other things, that there is no discernible pattern as to whether the incumbent

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