We hypothesize that macro-level liquidity affects the choice between tender-mergers and mergers. We employ a novel … methodology to test this relationship. This method finds structural breaks in the number of tender-mergers relative to mergers and … finds that the structural breaks coincide strikingly well with major changes in macro-level liquidity. Consistent with our …

determine the role of security specific liquidity associated with those ADRs and their underlying H-shares on return spreads … returns and their respective price inverses denoting conditional betas. We use three proxies for liquidity, trading volume …