We use the unique setting of Malaysian mergers and acquisitions (M&A) activity to test the effect of market-wide investor inattention when managers are attentive. During Ramadan, mainly Muslim investors are likely to be distracted while mainly non-Muslim managers are likely to be attentive and...

This article examines the presence of the reference price effect in mergers and acquisitions in Russia, which can act as a distortion in investor perception of the influence a deal has on a company. In this study we use the Russian market as a laboratory for the investigation of behavioral...

Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm's engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an international sample of 4,565 M&A deals from 48...

This paper studies the role of regional cultural differences in M\&A transactions in the U.S. We construct a county-level measure of cultural trust based on the World Values Survey data and find that a larger social trust distance between two companies reduces the likelihood of them combining...

The paper further contributes to our understanding about the role of societal trust in influencing mergers outcome. Using a large sample of cross-border mergers across 56 countries between 1985 and 2014, we show that, conditional on announcement of cross-border mergers, larger differences of...

Recent research has documented that firms' social performances have huge impacts on mergers and acquisitions (M&A) outcomes. Using a large sample of U.S public firm data, I test several theories of whether and how the cultural differences measured by adjusted corporate social responsibility...

Recent research has documented that firms' social performances have huge impacts on mergers and acquisitions (M&A) outcomes. Using a large sample of U.S public firm data, I test several theories of whether and how the cultural differences measured by adjusted corporate social responsibility...