The brewing industry has recently experienced increased merger activity. This paper analyzes the shortterm wealth … effects of horizontal mergers and acquisitions on acquirers in the brewing industry. Based on a sample of 69 takeover …

of targets, bidders, and their peers upon takeover announcement, and closing or withdrawal. We distinguish five common M … investors believe in gains through the exploitation of market power by the post-merger entity. In a multinomial logistic model …

Using merger announcements and applying methods from computational linguistics we find strong evidence that stock … merger completion increases the subsequent 12-day return of a long-short merger strategy by 1.2 percentage points. Filtering … merger arbitrage by 9.3 percentage points. Our results are particularly pronounced when high-yield spreads are large and on …

empirical evidence shows that this phenomenon is widespread in all (or most of) the countries of the world. This work examines …

upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of …