This paper examines the relationship between previous dividend payment policy and the cumulative abnormal return around the OMR program announcement day. The results show that the market reacts more positively to OMR program announcements by non-dividend firms or with no change in dividend...

We show that Venture Capital (VC)-backed targets receive a significantly higher fraction of stock and a greater likelihood of all-stock offers than non-VC-backed targets, even after controlling for self-selection bias, differences between VC-backed and non-VC-backed targets, and VC information...

This paper examines the relationship between targets' asset divestitures and takeover premiums. We find that divesting targets (divestors) receive lower offered premiums, experience less positive announcement returns, and have a trade discount relative to non-divesting targets. We show that...