We investigate the significance of extreme positive returns (MAX) in the cross-sectional pricing of stocks in South Korea. Our results provide important out-of-sample evidence of a strong negative MAX effect similar to that documented by Bali <italic>et al.</italic> (2011) in the US stock market. For...

This article investigates the dynamic impact of the macroeconomic environment on aggregate merger activity in the US economy obtained from firm-level data during the period from January 1980 to December 2004. Applying time-series econometric tools to US Mergers and Acquisitions (M&A) data, we...