Theory provides competing predictions on the question of whether informed investors immediately trade on newly generated private information. We address this question using SEC-mandated disclosures to identify the dates when new private information about target or acquiring firm value is...

We argue that under the U.S. tax system, where individual investors are taxed separately from the corporations they own, cash-for-stock acquisition (CSA) is inter alia a profitable arbitrage. This argument is based on the idea that the burden of personal taxation creates a wedge between the...

In March of 2000 the New York Stock Exchange proposed a merger with The Nasdaq Stock Market. Applying a qualitative assessment to the proposed merger from the organizations' perspective it is argued that the merger would be favorable for both organizations. Applying a quantitative assessment to...

The Supreme Court recently held that in reverse-payment settlements of drug patent disputes, anticompetitive effects can be inferred if the reverse payment exceeds the patent holder's anticipated litigation costs, absent some offsetting justification. Application of this standard is problematic...

The primary objective of this research is to examine the share price trend of UK Banking Companies who were involved in M&A activity in the post-acquisition period and to investigate to what level large banking corporations remained successful in improving their open market share price by...

In the sale of many timed goods such as airline tickets, hotel booking and concert seats, the analyst observes time and price of sale. This paper builds a theory of dynamic pricing which helps the analyst rationalize these observables. The main friction here is private and evolving valuation of...