End-of-Day Price Manipulation Affects M&A Premiums

End-of-Day Price Manipulation Affects M&A Premiums

Dr Shan Ji and colleagues show that the presence of end-of-day (EOD) target price manipulation prior to M&As increases the probability of an M&A deal withdrawal, and decreases the premium paid. Having looked at M&As from over 45 countries from 2003 to...