A relatively strong performance of the North American stock markets during the last two decades, notwithstanding the sharp decline experienced in the year 2000 and beyond, has set the stage for an empirical investigation of the possible effects that stock wealth, among other variables, can have...

Using a sample of 186 referrals between 1965 and 2006, we analyse the abnormal returns experienced by UK bidding companies when a decision is made by UK regulators to refer a merger or acquisition for inquiry and when the decision is published by the regulator. We find evidence of disagreement...