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    Does policy uncertainty affect mergers and acquisitions?

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    Final Accepted Manuscript
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    Author
    Bonaime, Alice
    Gulen, Huseyin
    Ion, Mihai
    Affiliation
    Univ Arizona, Eller Coll Management
    Issue Date
    2018-09
    Keywords
    Mergers and acquisitions
    Policy uncertainty
    Real options
    
    Metadata
    Show full item record
    Publisher
    ELSEVIER SCIENCE SA
    Citation
    Bonaime, A., Gulen, H., & Ion, M. (2018). Does policy uncertainty affect mergers and acquisitions?. Journal of Financial Economics, 129(3), 531-558. https://doi.org/10.1016/j.jfineco.2018.05.007
    Journal
    JOURNAL OF FINANCIAL ECONOMICS
    Rights
    Published by Elsevier B.V.
    Collection Information
    This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.
    Abstract
    Political and regulatory uncertainty is strongly negatively associated with merger and acquisition activity at the macro and firm levels. The strongest effects are for uncertainty regarding taxes, government spending, monetary and fiscal policies, and regulation. Consistent with a real options channel, the effect is exacerbated for less reversible deals and for firms whose product demand or stock returns exhibit greater sensitivity to policy uncertainty, but attenuated for deals that cannot be delayed due to competition and for deals that hedge firm-level risk. Contractual mechanisms (deal premiums, termination fees, MAC clauses) unanimously point to policy uncertainty increasing the target's negotiating power. Published by Elsevier B.V.
    Note
    36 month embargo; published online: 16 May 2018
    ISSN
    0304405X
    DOI
    10.1016/j.jfineco.2018.05.007
    Version
    Final accepted manuscript
    Additional Links
    https://linkinghub.elsevier.com/retrieve/pii/S0304405X18301338
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.jfineco.2018.05.007
    Scopus Count
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    UA Faculty Publications

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