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Alex Edmans

Alex Edmans

Professor of Finance, London Business School

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Mergers and Acquisitions

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My work on M&A shows that investment banks do matter for M&A returns – but past performance is a far better measure of quality than market share. I also show how low stock prices make a company much more vulnerable to takeovers than commonly believed, after you take into account the counter-effect that a high probability of takeover increases the stock price.

Empirics

  • Do investment banks matter for M&A returns? (Bao, Edmans RFS 2011)
  • Effect of prices on takeovers (Edmans, Goldstein, Jiang JF 2012)

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