Bidder-Specific Synergies and the Evolution of Acquirer Returns

The authors thank three anonymous referees whose feedback helped improve the paper and Yakov Amihud, Leonce Bargeron, Sanjai Bhagat, Eric de Bodt, Jean-Gabriel Cousin, Robert Dam, François Derrien, Eliezer Fich, Laurent Frésard, Gerard Hoberg, Clemens Otto, Dimitris Petmezas, Gordon Phillips, Raghavendra Rau, Christoph Schneider, Shawn Thomas, Karin Thorburn, Wenyu Wang, Alfred Yawson, Huizhong Zhang, Alexei Zhdanov, and seminar participants at BI Norwegian Business School, Dartmouth College (Tuck), Federal Reserve Bank of Chicago, Frankfurt School of Finance and Management, Joint Finance Seminar (Bonn, Cologne, Dortmund, WHU, Wuppertal), Norwegian School of Economics, SKEMA Business School, Università Cattolica del Sacro Cuore, University of Lausanne, University of New South Wales, Université Paris-Dauphine, University of Pittsburgh (Katz), University of Toronto (Rotman), University of Washington (Foster), WHU-Otto Beisheim School of Management, European Finance Association 2020 Meetings, Financial Management Association 2021 Annual Meetings, Fourth Cass Mergers and Acquisitions Research Centre Conference, Midwest Finance Association 2019 Meetings, Northern Finance Association 2019 Meetings, and 2019 University of North Carolina Junior Finance Roundtable for comments and suggestions. The views expressed herein are not necessarily those of the Bank of Canada and are the authors’ alone.