Based on a comprehensive sample of European mergers over the 1997--2011 period, we find that information leakages experienced by target firms are conditioned on the investor protection characteristics in the target’s country. Specifically, information leakages are smaller for targets in...

Using a sample of 8000 targets in the US and Western Europe over the 1997–2009 period, we find that private targets receive significantly higher payments from bidders than public targets. We find that the private valuation premium is inversely related to the size of the target. We also find...