We investigate the role of intellectual property rights protection in cross-border merger and acquisition (M&A) activity. We document a significant increase in inbound cross-border M&As after a country implements reforms that strengthen local intellectual property rights. Importantly, we find...

We provide evidence concerning the effect of managerial risk-taking incentives on merger and acquisition (M&A) decisions and outcomes for different types of mergers: vertical, horizontal, and diversifying. Using chief executive officer (CEO) relative inside leverage to proxy for the incentives...

We examine completed M&A deals with large acquirer shareholder dollar wealth gains at announcement. We find that large-gain acquisitions are (i) typically “bolt-on” deals that are small relative to the acquirer's size; (ii) transaction-specific events (not firm- nor CEO-specific events);...

We study the effect of corporate cultural similarity on merger decisions and outcomes. Using the similarity in firms' corporate social responsibility characteristics to proxy for cultural similarity, we find that culturally similar firms are more likely to merge. Moreover, these mergers are...

Using unique, hand-gathered data, this paper examines how public news about the target firmreleased publicly during the private merger negotiation process affects bidding strategies. Weprovide strong evidence that market reactions to information events during the private sale processhave a...

Using unique data, this paper examines investment banks’ choice of peers in comparable companies analysis in mergers and acquisitions. We find strong evidence that product market space is amongst the most important factors in peer selection, but we provide evidence indicating that Standard...

We argue that the method of payment in cross-border mergers and acquisitions (M&As) can mitigate country-level governance risk for the acquirer. We find a greater use of stock as the method of payment in cross-border deals involving targets from countries with high governance risk relative to...