five years following the failed takeover. In contrast, those firms that increase their leverage the least show …

Institutional investors tend to accumulate the shares of firms that announce acquisitions. The tendency to accumulate …

model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those … acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms that are located … within industry clusters tend to make more acquisitions, and have lower debt ratios and larger cash balances than their …

model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those … acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms that are located … within industry clusters tend to make more acquisitions, and have lower debt ratios and larger cash balances than their …