Barraclough, Kathryn; Robinson, David T.; Smith, Tom; … - In: Review of Financial Studies 26 (2013) 3, pp. 695-722
In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction announcements. We find that M&A announcements result in large and approximately equal gains to the bidder and the target on average, with the combined gains being large enough to...
