longer maturity bonds, bonds issued by firms with high asset risk, and bonds issued by firms with a higher likelihood of …

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 …

a new measure for systemic risk: the Financial Risk Meter (FRM). This measure is based on the penalization parameter (λ … the 100 largest US publicly traded financial institutions. We demonstrate the suitability of this AI based risk measure by … comparing the proposed FRM to other measures for systemic risk, such as VIX, SRISK and Google Trends. We find that mutual …

We explore the connection between firm's market threats from product market and corporate takeover activities. Using … while firms locate in lowly fluid market experience more instabilities in competition environment. Post-takeover performance …-makings, and firms generally takeover targets locate in environment of similar market threatening, even after controlling for …

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 …

after merger announcement, the passage of time is informative about the probability that the merger will ultimately complete … consistent with a behavioral model of underreaction to the passage of time and cannot be explained by changes in risk or …

This paper provides evidence of merger timing induced by investors' overoptimism. We distinguish between hot and cold … merger markets and examine the movements of bidding firms' stock prices, around, before and after mergers announcements. Our … when investors are highly overoptimistic and react irrationally to a merger announcement. We find evidence that bidders …