Policy Uncertainty and Mergers and Acquisitions
研究发现政策不确定性会降低企业并购意愿、延长交易时间，促使收购方用股票支付并降低溢价，但高不确定性时期的并购反而为股东创造更大价值。
This research examines the relationship between policy uncertainty and mergers and acquisitions (M&As). We find that policy uncertainty is negatively related to firm acquisitiveness and positively related to the time it takes to complete M&A deals. In addition, policy uncertainty motivates acquirers to use stock for payment and to pay lower bid premiums. Acquirers, on average, create larger shareholder value from M&A deals undertaken during periods of high policy uncertainty, which is attributable to their prudence as well as the wealth transfer from the financially constrained targets to acquirers.