M&A Rumors about Unlisted Firms: Online Appendix

We examine an international sample of 68,044 completed, or envisaged but abandoned, M&A transactions involving unlisted targets to determine the effect of rumors on deal-closing propensity and transaction value. Our focus on non-listed targets leaves only two reasons for the emergence of M&A transaction information leaks. First, a rumor may arise unintentionally due to carelessness in the negotiation process. Second, someone may spread a rumor on purpose to affect the likelihood of transaction closing and deal value. As an extension of the material presented in the published paper, this accompanying Online Appendix shows the impact of unintentional rumors is less pronounced than intentional rumors, and the effects of both types are consistent with the evidence presented in the main body of the published paper.