Teixeira de Vasconcelos, M.

fi rms bidder market stock liquidity stock liquidity synergy investment value disclosure return announcement bond market model acquisition level result information monitoring signi asset takeover access announcement returns synergy disclosures table variable manager effect sample analysis shareholder industry chapter agency costs institution target impact incentive signi ficantly journal accessing ownership equity relation bidder stock liquidity agency debt market access regression observation debt market fi rms accessing decision portfolio increase fi nancing share nancing change merger capital evidence management forecast ficantly signi ficant bidder announcement returns fi rm level hypothesis bidding credit fi rm value payment nancial coef ficient finance ratio study signi ficance subsample