Estimates of maximum obtainable Sharpe ratios associated with prominent multifactor models are difficult to reconcile with risk-based economic models. We provide evidence that this arises due to optimistic bias driven by a combination of data snooping and publication-induced learning about...

We study shareholder returns for firms that acquired five or more public, private, and/or subsidiary targets within a short time period. Since the same bidder chooses different types of targets and methods of payment, any variation in returns must be due to the characteristics of the target and...

This article has two related tasks. First, we review the articles published in this Special Issue on Corporate Control, Mergers, and Acquisitions. These articles provide new evidence on several aspects of corporate control and governance including the value and performance effects of various...

The most important development in international corporate governance in the past 20 years has been the privatization of state-owned enterprises. There is evidence that privatization has resulted in improved firm performance but the source of this improvement is difficult to isolate. We argue...

We analyze the characteristics of transactions in a comprehensive set of mergers and acquisitions based on SDC data from 1992 through 2009. We do not impose restrictions found in previous empirical work such as excluding private bidders, small targets or those deals with no target value...

We analyze the characteristics of transactions in a comprehensive set of mergers and acquisitions based on SDC data from 1992 through 2009. We do not impose restrictions found in previous empirical work such as excluding private bidders, small targets or those deals with no target value...