The Value of (Stock) Liquidity in the M&A Market
研究了目标公司股票流动性如何影响并购交易本身及合并后实体，发现收购流动性更强的目标会提升收购方股票流动性，并影响交易完成概率和目标公司补偿。
Abstract We study the value of stock liquidity in the market for corporate control and show that the target firm’s liquidity has an impact on the transaction itself and on the resulting merged entity. We use a sample of U.S. merger and acquisition (M&A) transactions (1987–2007) to show that acquiring a more liquid firm makes the stock of the acquirer more liquid. This has consequences for M&A activity and pricing. Public acquirers are more likely than private acquirers to acquire more liquid targets. Liquidity also translates into a greater likelihood of completing the deal and higher compensation for the target.