Voluntary disclosure volume: Evidence from acquiring firm's press releases during M&A

This study examines the determinants and effects of firms' merger and acquisition voluntary disclosure. It focuses on the press releases disclosed by acquiring firms during the transaction period. The findings suggest that management provides more news updates for stock financed transactions compared to those without stock finance. Larger deals with more economic significance tend to disclose more news during the transaction period. The news update volume during the transaction period is positively related to the stock performance at resolution. The news update does not hype the stock price and is not associated with the acquiring firm's long-term market performance.