The inability of most bank merger studies to control for hidden bailouts may lead to biased results. In this study, we …

leading to a takeover announcement. Using a sample of 3,455 Chinese listed firms that are targets of successful acquisitions … also suggests that pre-merger earnings management in target firms is not fully anticipated by the market before the … takeover announcement. We find no evidence of earnings management immediately after the announcement quarter. …

, trading is more one-sided prior to merger news. Consistent with belief heterogeneity, trading is more two-sided (1) before …

value? Answering this question is difficult since the hypotheticalcounterfactual is hard to determine. We exploit merger … winningthe contest, the post-merger performance of the loser allows calculating the counterfactualperformance of the winner … without the merger. In a novel data set of merger contests since1985, we find that the returns of bidders are closely aligned …

possible reconciliation. It is demonstrated that anticompetitive mergers may reduce competitors' share prices, if the merger …