Firms' Post-Takeover Performance: Evidence from Not-Delisting Target Firms" to which these Appendices apply is available at …

This paper examines whether high-ability managers’ earnings smoothing is motivated by the need to mitigate the adverse … effects of heightened information asymmetry triggered by mergers and acquisitions (M&As) on managers’ reputation capital (job … loss) and firm value. We document that acquirers led by high-ability managers engage in more pre-acquisition earnings …

of SEC filings (10-K Form) and the prognostic power of such language for takeover performance. The sample under study … long-term takeover performance, suggesting that managerial virtuous talk is, in practicality, an indication of lower post …-acquisition gains for the acquirers in the long run. Furthermore, takeover returns are found to reflect textual information on trust …

in U.S. bank takeover decisions. The evidence demonstrates that offer price premiums and target announcement returns are … much higher in bank takeover transactions involving targets with gambling (lottery) features (high skewness, high …

This paper examines whether high-ability managers’ earnings smoothing is motivated by the need to mitigate the adverse … effects of heightened information asymmetry, triggered by mergers and acquisitions (M&As), on managers’ reputation capital … (job loss) and firm value. We document that acquirers led by high-ability managers engage in more pre-acquisition earnings …

' managers are aware of the overvaluation of their firms and act rationally by timing their mergers and paying with stock. The …

practices on takeover events. We first show that management practices, on average, increase the probability of M&A deals …