In today's globalized economy, Mergers and Acquisitions (M&A) are being increasingly used the world over for improving the competitiveness of companies through gaining greater market share, broadening the portfolio to reduce business risk for entering new markets and geographies, capitalizing on...

Do acquirors profit from acquisitions, or do acquiring CEOs overbid and destroy shareholder value? We present a novel approach to estimating the long-run abnormal returns to mergers exploiting detailed data on merger contests. In the sample of close bidding contests, we use the loser's...

Do acquirors profit from acquisitions, or do CEOs overbid and destroy shareholder value? We propose a novel approach to measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to construct the counterfactual performance of...