Using merger documents filed with the SEC from 1994 to 2018, we show that being selected by investment banks as …’ informational advantage as well as their ability to facilitate future takeover transactions, appear to contribute to peers … merger filings. A portfolio that longs peers and shorts non-peers matched for industry and size earns up to 15.6% alpha in …

In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction … gains, and helps reconcile the generally negative market-based evidence on value-creation in takeovers with their continued …

value for the acquirer. However, announcement returns combine information about value creation because of the merger and a … the merger. We find that despite their negative average announcement returns, acquisitions of public targets typically do …

In the 1990s, European merger regulation (EMR) was biased against foreign acquirers, especially if the deal harmed … 2004. With a sample of 474 merger proposals submitted to the EC during 1990–2007, we show that the EC's protectionism from …

ownership structure affects a firm's intermediate merger process …

This paper examines whether market evaluates merger announcements in a reasonable way based on their effect on … fundamental value using a sample of 37 mergers from U.S. industries completed within 1992-1997. For this purpose, the post-merger … to market efficiency hypothesis. Full sample analysis shows that bidder abnormal stock return at the merger announcement …

This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion …. Results from instrumental variables tests support causality running from recommendations to merger outcomes. Additional tests … suggest that these relations are driven by target shareholders reassessing the merger offer in response to movements in …

private merger negotiation process affects bidding strategies. Weprovide strong evidence that market reactions to information … events during the private sale processhave a substantial impact on takeover prices. However, the sensitivity of private bids … duringmerger negotiations have important implications for takeover costs …