This study examines whether acquirers make better acquisition decisions when target firms' financial statements exhibit greater comparability with industry peer firms. We predict and find that acquirers make more profitable acquisition decisions when target firms' financial statements are more...

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...

This study examines whether requiring the disclosure of audited financial statements disciplines managers' mergers and acquisitions (M&A) decisions. When an M&A transaction meets certain disclosure thresholds, the SEC requires the public acquirer to disclose the target's audited financial...

This study examines whether requiring the disclosure of audited financial statements disciplines managers' mergers and acquisitions (M&As) decisions. When an M&A transaction meets certain disclosure thresholds, the Securities and Exchange Commission (SEC) requires the public acquirer to disclose...