Aktas, Nihat; Bodt, Eric de; Roll, Richard - Center for Operations Research and Econometrics … - 2007
shrinking investment opportunity set or
increasing competition among acquirers in M&A waves). However, the combination of …). Finally, we find
an increasing CAR from deal to deal for public targets. This is incompatible with a shrinking
investment …. The
authors posit that M&A sequences begin in response to an expansion of the investment
opportunity set and end when it …