analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …

In this study, we investigate the effect of merger waves on the long-term valuation of aggregate stock market. Our … empirical test shows significant positive relationship between the intensity of past, with four years lag, aggregate merger …

This paper examines whether market evaluates merger announcements in a reasonable way based on their effect on … fundamental value using a sample of 37 mergers from U.S. industries completed within 1992-1997. For this purpose, the post-merger … to market efficiency hypothesis. Full sample analysis shows that bidder abnormal stock return at the merger announcement …

analysis of takeover rumors of publicly traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …

We study the process of corporate restructuring for a sample of 298 firms during the 1989-98 period that announce that … they are considering restructuring alternatives. We find that restructuring is a lengthy process, with the majority of the … restructuring period occurring prior to any definitive proposals for corporate change. Only 70 percent of the firms that initially …

This paper measures the capital markets’ reaction to merger announcements within the announcement month using the … significant. These results indicate that the gains around the merger announcements reflect synergetic gains, not the wealth …

The recent merger between US Airways and American Airlines was approved by federal and state antitrust authorities … anticompetitive effects from this merger. The economics literature offers many reasons why such stock-market event studies should not … unrelated to competitive harms, such as when a merger changes expectations that one or more rivals will be “in play” (i.e., a …

of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M … investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model …