firm following the announcement of a takeover. In such cases, takeover traders are incentivised to become large … success of the takeover empirically using intraday data. In addition to the propositions of Cornelli and Li (2002), we also … trading immediately after a takeover announcement increases the likelihood of takeover success by 12.21%. The same increase in …

information asymmetry concerns when evaluating takeover synergies. Our results show that cash-financed M&As of listed targets that …

This paper applies a real option framework to suggest that the takeover premia in mergers and acquisitions can be … findings show that pre-bid ownership reduces the takeover premia, which is consistent with the argument that pre-bid ownership … reduces in- formation asymmetry. However, we find that the takeover premia is higher when both the acquirer and target firms …

ex ante takeover exposure positively and robustly relates to cross-sectional expected returns. The relation between size … and expected returns becomes positive or insignificant, rather than negative, conditional on this takeover characteristic …. Asset pricing models that include a factor based on the takeover characteristic outperform otherwise similar models that …