Institutional Trading Around M&A Announcements

We thank Andriy Bodnaruk, Alon Brav, Chris Clifford, Spencer Couts, Kevin Crotty, Dalia Marciukaityte, Laura Starks, Sheridan Titman, and participants at the 2018 Financial Management Association, the 2018 Luxembourg Asset Management Summit, the 2018 Southern Finance Association, the 2018 TCU Finance Conference, the 2019 Eastern Finance Association, Drexel University, St. Joseph's University, Syracuse University, the University of Alabama, the University of Texas at Austin, Villanova University, and Washington State University for comments and suggestions. We are grateful to Sergey Maslennikov for sharing his data on hedge fund holdings and to Alon Brav, Wei Jiang, and Hyunseob Kim for sharing their data on hedge fund activism. Clemens Sialm is an independent contractor with AQR Capital Management. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.