return is driven by liquidity-constrained sellers engaging in cross-border transactions. Larger seller returns in these …

We hypothesize that macro-level liquidity affects the choice between tender-mergers and mergers. We employ a novel … finds that the structural breaks coincide strikingly well with major changes in macro-level liquidity. Consistent with our … hypotheses our regression analysis finds that the number of tender offers increases with liquidity and also that the acquirer …

We study the impact on industry liquidity of delistings resulting from leveraged buyout activity. Using data on U ….S. LBOs during the 1985-2008 period, we uncover evidence of negative liquidity externalities. We find that the liquidity of … liquidity at the industry level …

hold sizeable toeholds in target shares. On one side, via liquidity transferring, acquirers can effectively transfer their … thinner liquidity discount on the valuation of their toeholds in fully acquired target assets. On the other, their long …-run stock liquidity can improve following the removal of their targets from the exchange. Using a sample of US delisted targets …

We examine the causes and consequences of insiders' liquidity needs as a motivation for the secondary sales in an … the levels of insider sales, and (4) higher levels of insider sales due to liquidity needs result in lower levels of … underpricing and long-run returns. Taken together these results also suggest that liquidity induced secondary sales can be a source …

equilibrium liquidity provision from equity and bond dealers and non-monotonic stock-bond price comovement. We find supportive …