Abstract
"This paper considers rivalistic dimensions of how an acquirer conveys information about a merger. Using competitive dynamics and corporate signaling perspectives, we theorize that acquirers seek to actively shape rivals’ competitive responses and examine how they do this via conference calls. We predict that the likelihood and the speed of rivals’ subsequent mergers are related with (a) how many conference calls occurred with previous mergers and (b) how clear a language managers used during calls. We provide initial empirical support for these predictions. "