We analyze the characteristics of transactions in a comprehensive set of mergers and acquisitions based on SDC data from 1992 through 2009. We do not impose restrictions found in previous empirical work such as excluding private bidders, small targets or those deals with no target value...

We show that acquirer returns are significantly higher in stock-swap acquisitions of difficult-to-value targets, as measured by R&D intensity and idiosyncratic return volatility. This finding contributes to an explanation of the determinants of, and value gains from, using stock as a method of...

We show that acquirer returns are significantly higher in stock-swap acquisitions of difficult-to-value targets, as measured by Ramp;D intensity and idiosyncratic return volatility. This finding contributes to an explanation of the determinants of, and value gains from, using stock as a method...

We examine acquisitions of private firms with valuation histories and find a positive relation between acquirer announcement returns and target valuation revisions. Similar to other studies, acquirer announcement returns are positive, on average. However, positive acquirer announcement returns...