Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 426

The DOI matches its Crossref record; 28 of the 28 references it cites were found in a registry or an index.

Price Pressure around Mergers

Open access
Mitchell, Mark, Pulvino, Todd, Stafford, Erik·2004·The Journal of Finance
DOI 10.1111/j.1540-6261.2004.00626.x
Open this paper in CoChat — free account

Abstract

This paper examines the trading behavior of professional investors around 2,130 mergers announced between 1994 and 2000. We find considerable support for the existence of price pressure around mergers caused by uninformed shifts in excess demand, but that these effects are short‐lived, consistent with the notion that short‐run demand curves for stocks are not perfectly elastic. We estimate that nearly half of the negative announcement period stock price reaction for acquirers in stock‐financed mergers reflects downward price pressure caused by merger arbitrage short selling, suggesting that previous estimates of merger wealth effects are biased downward.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.1111/j.1540-6261.2004.00626.x

Cites

28 of 28 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Show all 28 references

Cited by

See all 426

Metadata

Authors
Mitchell, M., Pulvino, T., & Stafford, E.
Venue
The Journal of Finance
Publisher
Wiley
Published
2004-02
Volume
59
Issue
1
Pages
31-63
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2004.00626.x
OpenAlex
W3123175860
Cited by
426
References
28
FWCI
31.93
Type
journal article
Language
en
Open access
green

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: Price Pressure around Mergers. https://app.cochat.ai/papers/10.1111/j.1540-6261.2004.00626.x
The paper
Mitchell, M., Pulvino, T., & Stafford, E. (2004). Price Pressure around Mergers. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00626.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.