This study presents the results from a comprehensive out-of-sample test of long-run returns following mergers and acquisitions (M&As). Using a unique sample from 23 frontier markets of almost 800 transactions conducted during the years 1992 to 2016, we implement both cross-sectional tests and...

This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross-border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality...

Non-financial performance measures, such as Environmental, Social, and Governance (“ESG”) measures, are potentially leading indicators of firms' financial performance. I draw on the prior academic literature and the concept of ESG materiality to develop new corporate governance and ESG...

This study documents economically meaningful and persistent financial advisor fixed effects in target firms’ abnormal stock returns shortly prior to takeover announcements.Additional difference-in-differences analyses suggest that advisors are associated with lower pre-bid stock returns after...

At the global level, the mispricing theory of mergers by Shleifer and Vishny (2003) may imply that a significant number of targets acquired in a given country is a sign of market-wide undervaluation whereas intense acquisition activity indicates overvaluation. The present study develops a...

We present conclusive evidence on the performance of private equity, using a high quality dataset of fund cash flows that covers about 85 percent of capital ever raised by U.S. buyout funds. For almost all vintage years since 1980, U.S. buyout funds have significantly outperformed the S&P 500....

This study documents economically meaningful and persistent financial advisor fixed effects in target firms' abnormal stock returns shortly prior to takeover announcements. Additional difference-in-differences analyses suggest that advisors are associated with lower pre-bid stock returns after...

This study considers the trade-off between better top management team (TMT) decision-making involving complementary perspectives and inefficiencies due to conflicts between individuals. In analyzing characteristics of 1,071 fund partners involved in 1,295 buyout deals by 117 funds, we find that...

In this paper we note that unrelated research in the management and finance fields, if combined, makes predictions concerning board reforms in emerging countries. Specifically, outside directors' demographic characteristics that are salient to foreign investors should reduce stock price...

I analyse the effect of ownership structure and bank control on performance. I employ a unique data set of 715 German takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I find that takeovers increase bidder value, but...