Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with … hypothesis to explain abnormal performance following events even when managers cannot time the market. I find that acquiring … calendar time. Simulations reveal that even when ex ante expected abnormal returns are zero (i.e. managers have no market …

In this study, we investigate the effect of merger waves on the long-term valuation of aggregate stock market. Our … empirical test shows significant positive relationship between the intensity of past, with four years lag, aggregate merger …

the 1980s. Offsetting this increase, the average bidder-specific component has declined. We propose a theory of bidder …-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent to … consistent with rising merger synergies that have become less bidder-specific …

correlates within industries and across industries and assume that managers have private information regarding their own firm and …

investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model …

assess merger control's effectiveness. By using data gathered from several sources and employing different evaluation … techniques, we analyze the economic effects of the European Commission's (EC) merger control decisions and distinguish between … merging and rival firms' stocks to quantify the profitability effects of mergers and merger control decisions. We back up our …