WRDS Best Paper Award Presented for Research on the Impact of Fairness Opinions in Mergers and Acquisitions

WRDS Best Paper Award for Research on the Impact of Fairness Opinions in Mergers and Acquisitions

PHILADELPHIA–(BUSINESS WIRE)–Wharton Research Data Services (WRDS), the award-winning data research platform and business intelligence tool for corporate, academic and government institutions worldwide, is pleased to announce Tingting Liu as the winner of the WRDS-sponsored Eastern Finance Association Best Paper Award. Liu, of the Terry School of Business at the University of Georgia, examined the use and benefits of fairness opinions in her paper, The Wealth Effects of the Choice of a Fairness Opinion in M&As: Evidence From a Regression Discontinuity Design. WRDS, a part of the Wharton School of the University of Pennsylvania, is trusted by universities across the globe and fundamental to accelerate impactful research and enhance learning.

“We are honored to present this WRDS Best Paper Award to Tingting Liu for research that challenges current assumptions,” said Robert Zarazowski, Managing Director of WRDS. “Expanding the field of knowledge and showing how financial research has real implications for practice is central to our work at WRDS, and we are pleased to highlight research of this caliber.”

Liu’s inquiry challenges current teachings that indicate fairness opinions result in a negative market response. Using regression discontinuity to compare only similar firms and M&As, Liu showed that fairness opinions do not harm shareholder wealth, and in fact, have a positive effect.

“I am honored to receive this Best Paper Award from WRDS,” said Tingting Liu. “I’ve always been drawn to financial research in order to answer big questions, and I am grateful for the opportunity to add a new perspective to the research on fairness opinions.”

About WRDS

Wharton Research Data Services (WRDS) is the award-winning research platform and business intelligence tool for over 30,000 corporate, academic, government and nonprofit clients at over 375 institutions in 33 countries. WRDS provides the user with one location to access over 200 terabytes of data across multiple disciplines including Accounting, Banking, Economics, Finance, ESG, and Statistics. Flexible data delivery options include a powerful web query method that reduces research time, the WRDS Cloud for executing research and strategy development, and the WRDS client server using PCSAS, Matlab, Python and R. Our Analytics team, doctoral-level support and rigorous data review and validation give clients the confidence to tailor research within complex databases and create a wide range of reliable data models.

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