This paper analyzes capital market reactions to international bank M&A. We investigate combined stock return patterns of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M&A hypotheses and relate characteristic and mutually...

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...

We analyze 188 bank mergers and acquisitions from the 2005-2016 period in Asia and report significant Positive Abnormal Returns for acquirers in both the crises and post crisis periods. Market model event studies provide a natural setting to tackle problems of endogeneity. Acquirers seem to be...

This study examines the response of Greek bank stock prices to the announcement of intended mergers and acquisitions (M&As) during the period 1998-1999, applying a standard event study methodology. The results show that both the acquiring banks and, albeit to a lesser extent, the target banks...

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 paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...

In this study, we evaluate the impact of R&D intensity on acquiring firms’ abnormal returns by examining 925 Canadian completed deals between 1993 and 2002 that have information on R&D expenditures. While examining the returns to acquiring firm shareholders in the R&D intensive firms we...

This paper examines the relationship between asymmetric information and target returns in M&As. We argue that if managers possess favorable (unfavorable) asymmetric information, they will offer, ceteris paribus, high (low) premia, affecting target returns accordingly. We propose several proxies...

This paper tests the effect of firms' mispricing and investment opportunities on the method of payment in mergers. Using a new proxy for investment opportunities and a sample of 1,187 mergers completed between 1990 and 2005 among US publicly traded firms, I find that acquirers lead the decision...

The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal returns due to the announcement of mergers and acquisitions (M&A) and return on equity funds five years before and after M&A have been examined. The study also performs a...