Exploiting staggered adoption of the universal demand (UD) laws by 23 states between 1989 and 2005 that makes filing shareholder derivative litigations more difficult, we show that reduced litigation threats improve corporate takeover efficiency. Using a difference-in-differences approach, we...

We examine how the Jumpstart Our Business Startup Act (JOBS Act) affect mergers and acquisitions. We find that U.S. private targets are valued higher after the JOBS Act relative to public targets acquired by US acquirers. The announcement returns of acquirers who acquired US private targets...

I study whether and how banks reuse information acquired from one borrower in loans made to different but related borrowers in financing mergers and acquisitions. Specifically, I find that stronger prior lending relationships between acquisition loan lenders and acquisition targets are...

Using a large sample over the period 1986 to 2017, we show that companies with higher exposure to climate change risk induced by sea-level rise (SLR) tend to acquire firms that are unlikely to be directly affected by SLR. We find that acquirers with higher SLR exposure experience significantly...