Is it in target shareholders' best interest to divulgate their willingness to sell (WTS)? In this article, we tackle this issue by investigating the net WTS wealth effect. We first model the trade-off between the probability of a sale and the price paid in case of a sale, and derive testable...

A seller's display of willingness to sell (WTS) affects the probability that a sale will take place, the number of potentially interested acquirers, and bidding behaviors. This article investigates the net WTS wealth effect in a mergers and acquisitions framework by deriving a theoretical model...