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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...

Are fixed-income markets integrity challenged?

Mike Aitken and Kumar Venkataraman compare the microstructure of the equity and fixed-income markets, and explain the consequences of the lack of transparency in fixed-income markets before pointing to solutions in order to improve the fairness of fixed-income markets.