Employing a sample of 492 merger and acquisition (M&A) announcements from 284 acquirers across North America and Europe …

Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a … novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete … overoptimism. Overall, takeover announcements can provide important information regarding the quality of deals …

Using merger announcements and applying methods from computational linguistics we find strong evidence that stock … merger completion increases the subsequent 12-day return of a long-short merger strategy by 1.2 percentage points. Filtering … merger arbitrage by 9.3 percentage points. Our results are particularly pronounced when high-yield spreads are large and on …

This study aims to evaluate the merger effect of hotel mergers between 1981 and 2019 and assess which theoretical … framework mergers in the lodging industry would conform. Previously, no work has been done about the nature of hotel mergers … using the combined return, while this lack of thoroughness in assessing the motivation of those mergers has triggered …

This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre …-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we … abnormal put than call option trading before stock merger announcements. Overall, our results support the view that top …

announcement of mergers and acquisitions. The research is based on 109 M&A deals in Central and Eastern European countries for …

This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre …-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we … abnormal put option trading before stock merger announcements. Overall, our results support the view that top executives have a …

We evaluate the over-valuation hypothesis and merger arbitrage price pressure hypothesis as potential explanations for … the observed negative returns to stock acquirers around merger announcement. Using daily shorting flow data, we show that … the majority of the negative announcement returns can be attributed to price pressure induced by merger arbitrage short …