We examine the effect of negative news disclosures on managers’ acquisition decisions. Using electronically disseminated press releases and a textual analytics engine, we find that the percentage of negative news disclosed by a firm reduces its probability of undertaking acquisitions. However,...

We examine 132 mergers and acquisitions by Real Estate Investment Trusts (REITs) during 1997-2006 and explore the relationship between acquirer external and internal corporate governance mechanisms and announcement abnormal returns. We argue that in regulated industries with absent active...

We examine the relation between information asymmetry and firm value using M&A as the identification strategy. Due to the due diligence and intense scrutiny of the target firm around M&A announcements, acquisitions are significant shocks to a target's information asymmetry. We find that M&A...