We empirically investigate the determinants of the payment form in mergers and acquisitions and introduce new variables on the target and acquirer investment characteristics to evaluate whether the concerns of target and acquirer shareholders are taken into account. Our sample encompasses...

This paper proposes a real options model of mergers and acquisitions motivated by synergies between two companies. We investigate the minimum synergies required to conduct the merger and how the balance between cash and shares as media of exchange affect this outcome. Based on this analysis we...

We develop a new measure for disposition effects based on the average length of a trading strategy and whether it is loss-making or profitable. Using this new measure, we are able to evaluate disposition effects in more detail than has been possible previously. We find for the first time the...