An important component of corporate governance is the regulation of significant transactions – mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming) reviews how M&A and restructuring are regulated by corporate and...

Over 20 years, M&A contracts have more than doubled in size – from 35 to 88 single-spaced pages in this paper's font. They have also grown significantly in linguistic complexity – from post-graduate “grade 20” to post-doctoral “grade 30”. A substantial portion (lower bound ~20%) of...

Though mergers and acquisitions comprise a significant share of aggregate economic activity in the US, researchers disagree on the effect and importance of M&A determinants. Such disagreement stems from adherence to disparate theoretical models that preclude the use of significant explanatory...

Though mergers and acquisitions comprise a significant share of aggregate economic activity in the US, researchers disagree on the effect and importance of M&A determinants. Such disagreement stems from adherence to disparate theoretical models that preclude the use of significant explanatory...

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of...

We study how globalization has changed the source and aggressiveness of inside trading around the world and identify its determinants. Using a sample of acquisitions of firms in 52 countries announced between 1991 and 2014, we find systematically higher likelihood of insider trading in target...

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of...

This paper uses the EU Takeover Directive as a natural experiment to test when legal harmonization creates value, and to examine the impact of increased entrenchment on investment decisions. The EU promulgated the Takeover Directive in April 2004. The implementation deadline was May 2006. The...

Double moral hazard problems are prevalent in merger remedies. We consider a holdup problem in which two merging parties forced to sell an asset to a potential buyer, both engage in relationship-specific investments sequentially in order to prepare for an asset transfer. We show that an option...