Taking advantage of the implementation of the 2003 European Commission (EC) directive on financial reporting, we explore the impact of mandatory financial disclosure on mergers and acquisitions (M&A). We find robust evidence that the number (and volume) of private firms becoming an M&A target increases with mandatory disclosure. Analyses of cross-industry differences, deal-level data, and post-deal performance indicate that financial disclosure increases M&A activity by reducing information frictions in the market for corporate control.

中文翻译：

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强制性财务披露和并购活动

利用 2003 年欧盟委员会 (EC) 财务报告指令的实施，我们探讨了强制财务披露对并购 (M&A) 的影响。我们发现强有力的证据表明，随着强制披露，成为并购目标的私营企业的数量（和数量）有所增加。对跨行业差异、交易层面数据和交易后绩效的分析表明，财务披露通过减少企业控制权市场中的信息摩擦来增加并购活动。