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Using fiction daily shortened selling data, we supply new evidence on merger arbitrage short-run merchandising monetary value push hypothesis: the negative announcement returns are largely due to price urgency from amalgamation investment abbreviated selling; certify on shorting activities and associated returns in floating-exchange-ratio standard acquirers, around dealing closings and among reclusive standard deals too supports this explanation. We assess the over-valuation conjecture and integration investing price pressure hypothesis as likely explanations for the observed negative returns to unoriginal acquirers around merger announcement. victimisation time unit shorting flow data, we show that the bulk of the counter promulgation returns can be attributed to price push evoked by unification investment short selling.


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