approach to estimating the long-run abnormal returns to mergers exploiting detailed data on merger contests. In the sample of … close bidding contests, we use the loser's post-merger performance to construct the counterfactual performance of the winner …

measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to … closely comoving in the years before the contest, providing support for our approach to identification. After the merger, they … international sample. Merger characteristics commonly associated with underperformance, such as acquiror size, acquiror Q, or stock …

measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to … closely comoving in the years before the contest, providing support for our approach to identification. After the merger, they … international sample. Merger characteristics commonly associated with underperformance, such as acquiror size, acquiror Q, or stock …