legal provisions of acquisition agreements to address the distinctive risks facing each merger. But the empirical question … details of the legal terms of acquisition agreements. Our approach leverages the fact that merger announcements (which lay out … a merger have strong incentives to complete the deal regardless of what legal contingencies are triggered. We argue that …

. Therefore, this study aims to close this gap by exploring the effect of merger announcements on CDS spreads empirically. A …

overreactive in nature, stymie the market, and create new opportunities for regulatory arbitrage. This is not surprising: takeover …

This paper empirically examines the post-merger performance of a sample of 1,320 European mergers and acquisitions … deals. Specifically, we investigate the impact of pre-merger earnings management of acquirers on both the short-term and … long-term post-merger performance, for M&A deals completed between 2003-2012, considering both the form of payment and the …

target firm's listing status. The empirical evidence documented in this study suggests that management teams engage in pre-merger … compensate for the higher information asymmetry. This earnings management procedure leads to higher takeover premia even after …

Double moral hazard problems are prevalent in merger remedies. We consider a holdup problem in which two merging … merger decision depends on the success of the transaction, the Competition Authority will clear the merger whenever the …