The (Missing) Relation Between Acquisition Announcement Returns and Value Creation

We thank Hank Bessembinder, Alon Brav, Elijah Broadbent, Alex Chinco, Nickolay Gantchev, Andrey Golubov, John Graham, Douglas Hanna, Jarrad Harford, Cam Harvey, David Hirshleifer, Gerard Hoberg, Mohammad Irani, Pab Jotikasthira, Adam Kolasinski, Mattia Landoni, Christian Leuz, James Linck, Antonio Macias, Vojislav Maksimovic, Ulrike Malmendier, Darius Miller, Micah Officer, Rik Sen, Wayne Shaw, Jared Stanfield, Mike Stegemoller, René Stulz, Rex Thompson, Kumar Venkataraman, Mike Weisbach, James Weston, Mike Wittry, and Feng Zhang; seminar participants at Baylor University, Baruch College, the Chinese University of Hong Kong, the Hong Kong University of Science and Technology, the University of Hong Kong, Southern Methodist University, The Ohio State University, the University at Buffalo, Texas Tech University, the University of Washington, the Korea University Business School, and the Korea Advanced Institute of Science & Technology; and conference participants at the American Finance Association Conference, the Asian Bureau of Finance and Economic Research (ABFER) Conference, the Midwest Finance Association Conference, SFS Cavalcade, and the Financial Research Network (FIRN). Bhattacharya acknowledges generous funding provided by the Hong Kong General Research Fund (GRF), Grant No. 16500118. We have no conflicts of interest to disclose under the Journal of Finance disclosure policy. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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