Using merger documents filed with the SEC from 1994 to 2018, we show that being selected by investment banks as …’ informational advantage as well as their ability to facilitate future takeover transactions, appear to contribute to peers … merger filings. A portfolio that longs peers and shorts non-peers matched for industry and size earns up to 15.6% alpha in …

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 …

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 impact of the announcement of a takeover bid has been widely tested in foreign literature. Therefore, the main goal … of this paper is to research the impact of the announcement of a takeover bid on the share price movements in the … obligation to disclose information about takeovers to the public. It has been shown that disclosure of the intent to announce a …

Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market … consistent with rising merger synergies that have become less bidder-specific …

overpayment for the target, or lower post-merger synergies …

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 …

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 …