Market reaction to mergers and acquisitions is a popular research topic in finance. It has been well documented in empirical literature that target companies earn significant abnormal market returns in corporate acquisitions. However, the effects of stock market crashes, and the effects of...

The financial crisis of 2008, and the associated bear market lasting from October 2007 to March 2009, has had a significant impact on a broad cross section of firms in the global economy. Of particular interest to us in this study is the effect of this time period on the financial...