NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Institutional Trading Around M&A Announcements

Eliezer Fich, Viktoriya Lantushenko, Clemens Sialm

NBER Working Paper No. 25814
Issued in May 2019

---- Acknowledgments ----

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.

---- Disclosure of Financial Relationships for Clemens Sialm ----

Clemens Sialm has received compensation for consulting services and for giving presentations from the following institutions: AQR Capital Management, the U.S. Securities and Exchange Commission, Mercer Advisors, Dimensional Fund Advisors, and MyVest.

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