Our work provides refined tests of the existence and source of merger gains in a neglected industry: utilities. While …

analysis of takeover rumors of publically traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …

This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and …

Recent work documents that firms that are more vulnerable to takeover have higher borrowing costs. This paper … debt because lenders are concerned that takeovers may result in leverage increases. Specifically, I find that takeover … agency conflicts between shareholders and debtholders. In the absence of covenants, takeover defenses have opposite effects …

-relationship borrowers who "switch" to another bank following a merger will be less harmed than those whose relationship is "dropped" and not … to be dropped. We track post-merger performance and show that many dropped target-bank borrowers are harmed by the merger …

This paper investigates whether the managers of industry rivals act to mitigate their agency exposure and improve … operating performance when one of the firms in the industry is subject to a takeover attempt. The results indicate that rival … hypothesis, which suggests poorly performing firms are more likely to be the target of a takeover attempt and the acquisition …

categorize the sample M&A deals as (1) Acquisition of Pakistani banks by the foreign investors, (2) Merger of Pakistani banks … with the other domestic banks and (3) Merger of Pakistani banks with the foreign banks operating in Pakistan. The results … indicate statistically significant investor reactions around the merger announcements. For individual target and bidder banks …

In July 2010, the management of Reliance Power Ltd and Reliance Natural Resources Ltd. announced merger of the two …