Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market …

of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M …

While takeover targets earn significant abnormal returns, studies tend to find no abnormal returns from investing in … predicted takeover targets. In this study, we show that the difficulty of correctly identifying targets ex ante does not fully …

This paper documents that a part of takeover synergy is incorporated in the target and acquirer stock prices prior to … the event window of previous studies, around the takeover anticipation date. This result suggests that those studies might … in this paper sheds light on the magnitude of acquisition returns, and so on some well-documented takeover results …

Using United States takeover bids, we investigate the importance of information asymmetry in self-selection when … evaluating the abnormal returns of financial versus strategic takeover targets during a period of possible informed trade. Sample … selection bias due to differences in financial versus strategic takeover bids information environments is controlled for using …