Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future
is at the heart of the practice of financial management. However, although discussion of …

In recent years, an increasing number of Chinese firms have been engaged in acquisitions
both inside and outside of China. Nevertheless, our understanding of Chinese merger and …

This paper provides an overview of the academic literature on the market for corporate
control, and focuses specifically on firms' performance around and after a takeover. Despite …

Political and regulatory uncertainty is strongly negatively associated with merger and
acquisition activity at the macro and firm levels. The strongest effects are for uncertainty …

Analysts of the recent financial crisis often refer to the role of asset “fire sales” in depleting
the balance sheets of financial institutions and aggravating the fragility of the financial …

This paper examines how uncertainty affects corporate investment under varying degrees of
asset redeployability. We develop new measures of asset redeployability by accounting for …

We use text-based analysis of 10-K product descriptions to examine whether firms exploit
product market synergies through asset complementarities in mergers and acquisitions …

Managers often claim that target firms are financially constrained prior to being acquired and
that these constraints are eased following the acquisition. Using a large sample of European …

We argue and demonstrate that resource allocation within firms' internal capital markets
provides an important force countervailing financial market dislocation. We estimate a …

We explore whether lenders' decisions to provide liquidity in periods of distress are affected
by the extent to which they internalize the negative spillovers of industry downturns. We …