Until 2001, certain stock acquisitions could be accounted for as pooling-of-interests. There were concerns that pooling was associated with earnings fixation and weak corporate governance. I investigate the cross-sectional variation in the purchase-pooling choice and its association with...

The present study examines the impact of mode of payment used in cross border mergers and acquisitions by Indian companies on the abnormal returns generated on account of announcement and the post merger operating and financial performance. The study considers the cross border M & A undertaken...

Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...

The paper provides evidence, in an emerging market context in the Pacific Basin, that the CEO duality leadership structure of a firm does impact the strategic decisions made by the firm. Specifically, firms that are run by CEO duality structure are perceived by the capital market to be better...

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 study proposes and estimates a fundamental-analysis-based approach to identifying speculative components in merger and acquisition (M&A) purchase prices. I estimate the speculative component of the price as the portion that cannot be explained by the book value of the target plus a multiple...

Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with market tides, cresting with bull markets. A contentious debate exists over whether this trend indicates managerial market timing ability. Pseudo market timing, introduced by Schultz...

This study performs a cross-country comparison by examining the large samples of merger and acquisition (M&A) activity in emerging markets (EMs). The underlying purpose is to investigate how market investors react to the M&A deals conducted by acquiring firms with different degrees of corporate...

We find that acquirers create higher shareholder returns when advised by investment banks with more experience in the target industry. This finding is stronger when acquirers face more difficulties understanding and evaluating the targets. Further analyses show that these banks help acquirers...