I develop a model of mergers in which M&A deals are used to reallocate investment opportunities. In equilibrium, acquirers lack internal growth options and seek out projects from targets in the M&A market. The model is able to reconcile many features of the merger data that I document, including...

With the advent of globalization and liberalization, the concept of M&As has become an integral part of the Indian economy. This phenomenon has had far reaching repercussions on Indian industrial milieu, its development and growth. The changing market conditions have brought very significant and...

Since the early 2000s liquidity in option markets has become less resilient, and our evidence suggests that it is so because of an increased vulnerability to liquidity shocks in the underlying. To demonstrate the causal impact, we consider an incident in which a large broker dealer erroneously...