Merger activity tends to peak at times of high stock prices. I examine the allocation of equity issue proceeds … conditional on the level of merger activity to shed light on the source of this empirical regularity. I find that firms do not … allocate more of the equity proceeds raised in high merger times to increase debt repayment or to increase equity payouts. This …

We introduce the concept of the post-merger integration duration (PMID) which is the time delay that it takes a merged … the time of a merger, and gradually levers up as the integration period nears completion. We hand collect a unique data …