This paper studies Tesoro's 2013 acquisition of British Petroleum's Los Angeles refinery. We present a merger …

and judgment in the face of inherently uncertain business forecasts such as those surrounding merger synergies. Our …

Past research has primarily focused on what happens after a merger has occurred. This research attempts to find out … whether anticipated benefits from the merger do actually accrue. The authors characterize the effects of observed variables on … whether pairs of firms merge, vis-à-vis roommate matching, and then link these factors to post-merger innovation (number of …

We find strong evidence that analysts tend to have downward-biased earnings estimates immediately before merger … announcement dates when earning announcement date is within a 60 day window prior to merger announcement date. Compared to pure … earning announcement date in the above time frame. An event study within three days window of earning announcement date that …

, under SFAS 142, on the form of acquisition financing and on a firm's takeover probability. We find that before these … rules also led to a greater decrease in takeover probability for firms with larger predicted step-up values, and this effect … both the pooling method and the method for goodwill amortization are significant determinants of takeover probability …

analysis of takeover rumors of publicly traded US companies from 1990 to 2008 shows that these two types of rumors can be … statistically distinguished by returns of rumored takeover targets before rumor publication. However, market responses to the rumors …, takeover premiums of sampled targets cannot be explained by markup pricing hypothesis although the hypothesis is supported by …

all goes well and the merger is consummated as planned, merger arbs earn this spread between the market price at time of …The practice of merger arbitrage is one of the more popular and profitable strategies employed by many hedge funds. At … its core, the strategy is one that earns an excess return for the assumption of a specified risk. Merger arbs purchase …