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- W3159889143 abstract "We study the effect of shared political identity between acquirers and targets on merger outcomes. In a sample of public US mergers, we find that targets are more likely to merge with firms of similar political orientation. We document that acquirers in politically matched mergers experience significantly worse cumulative abnormal returns around the merger announcement, compared to their non-politically matched counterparts. Acquirers in those mergers pay lower takeover premiums, experience worse post-merger operating performance, retain more from the target management, and receive larger bonuses. Our results indicate that politically matched mergers create less value to shareholders." @default.
- W3159889143 created "2021-05-10" @default.
- W3159889143 creator A5012557970 @default.
- W3159889143 creator A5065049600 @default.
- W3159889143 date "2021-05-22" @default.
- W3159889143 modified "2023-09-27" @default.
- W3159889143 title "Political ideology in M&A" @default.
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