A structural event study methodology accounts for the interaction of two M&A effects: synergy (total value) and dominance (bargaining power). This interaction jointly (simultaneously) determines the parties' abnormal returns. An application in the context of corporate governance illustrates our...

Some claim that the event-study methodology literature is quot;maturequot;. But the overlooked IVWA-based test is more powerful than conventional tests. Its implementation requires the same inputs as the traditional test. Its functional form yields the power improvement. Using CRSP monthly data...

There are more than 500 event studies in the top finance journals, which can broadly be split into 2 subgroups depending on whether firms are all affected at the same time, like banks reacting to new regulation, or different firms are affected at different times, like mergers and acquisitions...

Winners of the Brazilian privatization auctions (BPAs) earned, on average, a 0.7 percent abnormal return on the days of the auctions. This translates into 13 percent underpricing. In contrast, using results from the literature as a reference, seasoned share issue privatizations register less...

The authorities of the Brazilian competition system decide upon horizontal mergers and acquisitions that come to their review, applying the traditional structural analysis, as established by the Brazilian horizontal merger guidelines. This article aims at illustrating the refinement that can be...