In this paper, we use call option prices to identify synergies and news from merger and acquisition (M&A) transaction …

Much of the literature considers only short-term acquirer announcement returns when analyzing which mergers create … value for the acquirer. However, announcement returns combine information about value creation because of the merger and a … the merger. We find that despite their negative average announcement returns, acquisitions of public targets typically do …

ownership structure affects a firm's intermediate merger process …

Abstract: Using a unique sample of 425 bank mergers in the US announced between 2000 and 2008 this paper provides clear … evidence supporting the collusion and productive efficiency hypotheses. By analyzing 425 bank mergers and a total of 1112 … attributed to either the collusion, productive efficiency, acquisition probability or pre-emptive merger hypothesis. In contrast …

-pricing effect of stock offer, we hypothesize that the likelihood of stock payment increase with the pre-merger dividend policy of …

upcoming aggregate merger activity and the present values of the factors HML and SMB in the Fama-French three-factor model of …

This paper investigates the effects of analyst recommendations issued after a merger announcement on deal completion …. Results from instrumental variables tests support causality running from recommendations to merger outcomes. Additional tests … suggest that these relations are driven by target shareholders reassessing the merger offer in response to movements in …

process of the takeover bid, ex-change of shares, and completion of a merger. The optimal strategies for relevant players are … derived using a dynamic programming approach. Although the takeover process is designed without introducing a Pareto … optimality, it is shown that the model leads to the same takeover strategies as those of an equilibrium model, under certain …