Applied Finance

In the wake of the largest M&A wave in history, it is appropriate to assess the evidence on the profitability of this activity. One popular view is that merger activity is highly unprofitable. Does research sustain this view? This paper reflects on what it means for M&A to "pay" and summarizes the evidence from 130 studies from 1971 to 2001.

In the wake of the largest M&A wave in history, it is appropriate to assess the evidence on the profitability of this activity. One popular view is that merger activity is highly unprofitable. Does research sustain this view? This paper reflects on what it means for M&A to “pay” and ...

The aim of this paper is to analyze the financial integration of the South Eastern Europe (SEE) stock markets. We use a multinomial logistic regression to analyze how persistence, asset class and volatility effects are related with negative coexceedances in SEE markets. We find evidence in favor of the continuation hypothesis in SEE stock markets. However, the factors associated with the coexceedances differ between the EU member countries from SEE and EU accession countries from SEE stock markets. The EU member countries are more dependent from the signals from major EU economies, while the accession countries are mainly influenced by the signals from the region.

This special session addresses a timely topic -- the evaluation and management of total risk for long-term capital intensive projects. Total risk is composed of two sets of risks, systematic and non-systematic. Systematic risks cannot be eliminated and are non-diversifiable. They are generated by market conditions, including globalization of production processes, outsourcing, supply chains and the requirements of servicing diverse

... JEL: G14, G34 Draft: February 2009 ∗ Comments welcome to tim.jenkinson@sbs.ox.ac.uk or miguel.sousa@sbs.ox.ac.uk . Page 2. 2 ... Wasserstein and Steve Wozniak, as well as public figures such as Dan Quayle and former CIA director George Tenet. ...