Our results provide strong evidence of the anticipation and transfer of information throughout an industry at the announcement of initial bidding activity. First, the abnormal returns of bidding firms are significantly positively related to the length of time between bid announcements in the...

This interview is Part 2 of a two-part series (which series contains 2 pdf files of the transcripts and 4 videos) in which Professor Ralph Walkling, the Stratakis Chair in Corporate Governance and Executive Director of the Center for Corporate Governance at Drexel University, interviews...

Tender offers provide an ideal setting for the analysis of agency relationships since the best interests of the principal (target firm shareholders) and agent (target firm managers) are often in conflict. Moreover, the actions and stated rationale of target managers in resisting or not resisting...

We document market anticipation of merger bids and that less anticipated bids earn significantly higher announcement returns. Subsequent bidders experience significant and positive returns surrounding initial industry bid announcements. These results suggest that announcement period returns...