The lack of publicly available information about privately-held target firms exacerbates acquirers’ adverse selection risk in private target M&As. Although acquirers have access to inside information about the private target during the due diligence process, a number of constraints and market...

This paper examines whether mandatory accounting disclosures in financial reports impair disclosing firms' competitiveness by inducing competitors to take actions. To capture firm-level variation in product market competition, we rely on the product similarity measure developed by Hoberg and...