In this study, we examine the effect of the market for corporate control (MCC) on firm risk-taking exploiting the staggered enactment of country-level merger and acquisition (M&A) laws of thirty-four countries as a plausibly exogenous source of variation in MCC. Consistent with the theoretical...

The paper uses a new, hand-collected dataset of 93 private equity backed buyouts and 96 PLCs that became financially distressed over the period 1995-2008 to investigate empirically whether private equity owned companies (buyouts) in financial distress (Receivership/Administration) have better...

Acquisitions by larger firms seem to generate less wealth for acquirer stockholders than acquisitions by smaller firms. In this paper, we re-examine the ‘size effect', but separately for serial and non-serial acquisition. We find sample-selection bias results in a spurious size effect for...