Measuring the Quality of Mergers and Acquisitions

For their valuable comments and suggestions, the authors thank Eric So (the editor), an anonymous associate editor, two anonymous referees, Nitin Bakshi, Oliver Binz, Uliana Filatova (discussant), Stacey Jacobson, Peter Joos, Anya Kleymenova, Kai Li, Tathagat Mukhopadhyay, Stephen Penman, Xiaoxia Peng, James Ryans, Xu Tian (discussant), Wenyu Wang, Dan Wangerin, and Fei Xie as well as seminar participants at Columbia Business School, Nanyang Technological University, Singapore Management University, the University of Texas at Dallas, the Northern Finance Association Conference, and the Boca Finance Conference. The authors are grateful to James Ryans and Roberto Vincenzi for sharing their data on disclosed synergies and thank Majid Bouresli for excellent research assistance.