We estimate ex ante expected returns for a sample of S&P 500 firms over the period 1983- 1998. The ex ante estimates show a better overall fit with the domestic version of the singlefactor CAPM than with the global version, but the difference is small. This finding has no trend in time and is...

In their study of 197 U.S. takeovers from the 1980s, the authors find that the most important determinant of superior post-merger operating performance is whether the target company's management is replaced or retained. When the target CEO is replaced, the post-merger firm's annual cash flow...