Journal article
Mandatory Financial Disclosure and M&A Activity
The Review of Financial Studies, v 36(12), pp 4788-4823
01 Dec 2023
Abstract
Taking advantage of the implementation of the 2003 European Commission (EC) directive on financial reporting, we explore the impact of mandatory financial disclosure on mergers and acquisitions (M&A). We find robust evidence that the number (and volume) of private firms becoming an M&A target increases with mandatory disclosure. The analyses of cross-industry differences, deal-level data, and post-deal performance indicate that financial disclosure increases M&A activity by reducing information frictions in the market for corporate control.
Ortiz, M., Peter, C. D., Urzúa, F.
10.1093/rfs/hhad052
Metrics
3 Record Views
10 citations in Web of Science
9 citations in Scopus
Details
- Title
- Mandatory Financial Disclosure and M&A Activity
- Creators
- M OrtizC. D PeterF UrzúaP Volpin - Drexel University, Finance
- Publication Details
- The Review of Financial Studies, v 36(12), pp 4788-4823
- Publisher
- Oxford University Press (OUP)
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Other Identifier
- 991021861190604721
InCites Highlights
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Business, Finance
- Economics