announcement of the M&A is significantly associated with negative announcement period abnormal returns. However, for these banks …, the longer-run abnormal returns and performance are positive. The opposite is true for non-bank M&A announcements: higher … shows that the market may misreact, on average, to both bank and non-bank M&A announcements based on the acquirer's leverage …

whether a firm will be a target or acquirer firm. Design/methodology/approach By focusing on 251 mergers and acquisitions (M&A … utilize multi-period multinomial logistic regression analysis to investigate the determinants of selection decisions of M&A …