Table of Contents

Research Handbook on Mergers and Acquisitions

Research Handbook on Mergers and Acquisitions

Research Handbooks in Corporate Law and Governance series

Edited by Claire A. Hill and Steven Davidoff Solomon

Global in scope and written by leading scholars in the field, the Research Handbook on Mergers and Acquisitions is a modern-day survey of the state of M & A. Its chapters explore the history of mergers and acquisitions and also consider the theory behind the structure of modern transaction documentation. The book also address other key M & A issues, such as takeover defenses; judges and practitioners' perspectives on litigation; the appraisal remedy and other aspects of Federal and state law, as well as M & A considerations in the structure of start-ups. This Handbook will be an invaluable resource for scholars, practitioners, judges and legislators.

Chapter 3: The market for corporate control: survey of the empirical evidence, estimation issues, and potential areas for future research

Darius Palia

Subjects: law - academic, corporate law and governance, finance and banking law


One of the more highly researched topics in the financial economics literature has been the analysis of the gains made by shareholders of companies that participate in a merger and acquisition transaction. This paper surveys the evidence for which acquirer characteristic or merger transaction type generates non-positive or positive abnormal returns for the acquirer’s shareholders. In doing so, I describe a comprehensive set of hypotheses that has been built on existing theory, which has been tested using proxies variables in a regression specification. The chapter then explains that a number of new hypotheses have yet to be examined. Finally, the paper describes outstanding empirical issues in much of the existing literature.

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