Macroeconomic news and acquirer returns in M&As: The impact of investor alertness

摘要: Abstract We investigate the extent to which scheduled release of macroeconomic indicators affects acquirer's value in Mergers and Acquisitions (M&As). find that M&As announced on days key (i.e. indicator days) realize higher announcement period risk-adjusted returns compared counterparts non-indicator days. The positive wealth effect is due market attention days, particularly relevant for smaller are not usually exposed significant investor scrutiny. results hold after addressing self-selection bias concerns. also firms announcing more likely “listen” market's feedback.