-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …This paper studies the impact of corporate acquisitions - both domestic and cross-border - on the uncertainty faced by … - engender a positive response in acquirers' volatility. Our results suggest that acquisitions affect uncertainty because they …

important in merger arbitrage, where deal failure is a key risk. In this paper, I propose a dynamic asset pricing model that … addition, the model accurately predicts that merger arbitrage exhibits low volatility and a large Sharpe ratio when deals are …