We hypothesize that macro-level liquidity affects the choice between tender-mergers and mergers. We employ a novel … finds that the structural breaks coincide strikingly well with major changes in macro-level liquidity. Consistent with our … hypotheses our regression analysis finds that the number of tender offers increases with liquidity and also that the acquirer …

This study analyses how liquidity risk affects bonds' yield spreads after controlling for credit risk, bond …-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in … particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of …