Political and regulatory uncertainty is strongly negatively associated with merger and acquisition activity at the …

announcements is associated with more favorable review outcomes. At the same time, higher pre-announcement lobbying is valued by …

We study optimal merger policy in a dynamic model in which the presence of scale economies implies that firms can … the period the merger is proposed. We also find that the ability to commit can lead to a significant welfare improvement …

industry merger and acquisition activity. All of these effects are stronger for smaller firms than for larger firms …

associated with the merger. We call these transactions "liquidity mergers," since their main purpose is to reallocate liquidity …

The use of judgmental anchors or reference points in valuing corporations affects several basic aspects of merger and … acquisition activity including offer prices, deal success, market reaction, and merger waves. Offer prices are biased towards the …, bidder shareholders react increasingly negatively as the offer price is pulled upward toward that price. Merger waves occur …

, consistent with a mechanism of costly renegotiation. Variation in interim risk over time affects the market for corporate control …