This study finds that the rival response of acquisition targets is positively associated with rivals’ media coverage. We show that media coverage increases the probability of rivals being targeted in the future and the expected returns conditional on future acquisitions, thus supporting the...

Employing a large sample of 12,454 firms across 40 countries from 2001 to 2014, we find that firms with high media coverage tend to take risky but value-enhancing investments. We further show that this positive relation is achieved through three plausible channels, namely, the information...