Market Returns and Interim Risk in Mergers

The authors thank Alice Bonaimé, Jonathan Brogaard, Robert Dam, Oleg Gredil, Jarrad Harford, Mark Jansen, Daniele Macciocchi, Harold Mulherin, Micah Officer, Jeff Pontiff, Matt Ringgenberg, Mike Schwert, Nathan Seegert, Jared Stanfield (discussant), Feng Zhang, and seminar participants at Utah, the Denver Summer Finance Conference and the FRA Early Ideas session for comments and suggestions. The views and opinions expressed are those of the authors and do not necessarily reflect the views of AQR Arbitrage, LLC, its affiliates, or its employees; do not constitute an offer, solicitation of an offer, or any advice or recommendation, to purchase any securities or other financial instruments, and may not be construed as such.