This paper develops a framework for analyzing the impact of macroeconomic conditions on
credit risk and dynamic capital structure choice. We begin by observing that when cash flows …

This paper develops a real options framework to analyze the behavior of stock returns in
mergers and acquisitions. In this framework, the timing and terms of takeovers are …

The well‐documented failure of the majority of acquisitions to create value is often identified
in popular discussion with hostile acquisitions, whereas friendly acquirers seem to get a …

This paper analyzes the interaction between financial leverage and takeover activity. We
develop a dynamic model of takeovers in which the financing strategies of bidding firms and …

This paper proposes an explanation of merger waves based on the interaction between
competitive pressure and irreversibility of mergers in an uncertain environment. A set of …

We analyse the abnormal returns to target shareholders in cross‐border and domestic
acquisitions of UK companies. The cross‐border effect during the bid month is small …

The competitive bidding system has been to blame for abnormally low bids, which are
considered as one of the main causes of poor project quality. Previous studies have …

I directly focus on the source of financing in takeovers instead of the common but indirect
approximation by the payment method. By examining a sample of 610 acquisitions occurring …

This study investigates the impact of takeover market competition on the short-run market
performance of Australian acquirers. While the market for corporate control predicts a …

This paper investigates whether top-tier M&A investment bankers (financial advisors) create
value for acquirers with different financial conditions in both the short and long term via …