Chair of Mergers and Acquisitions

The Chair of Mergers and Acquisitions focuses its research and teaching activities on the broad area of corporate finance with a focus on mergers and acquisitions, investment banking, and corporate valuation.

About us Publications Our team Our teaching

About us

Professor Aktas holds the Chair of Mergers and Acquisitions at WHU – Otto Beisheim School of Management since September 2013. He is also the co-director of the executive education program devoted to Mergers and Acquisitions at WHU. He previously worked at Skema Business School (France), EMLYON Business School (France), and Louvain School of Management (Université catholique de Louvain). Being interested in empirical corporate finance in general, Professor Aktas is known for his research articles on Mergers and Acquisitions published in leading international journals including the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Economic Journal, Journal of Corporate Finance, and Journal of Banking & Finance. His research has been featured on the programs of leading international conferences, and quoted in widely read international media, such as the Financial Times, The New York Times, and Sueddeutsche Zeitung. He was a visiting researcher at the Anderson School of Management (UCLA, Los Angeles) in 2001–2002. Professor Aktas is also a member of the Supervisory Board of Pulcra Chemicals.

Recent research publications by Professor Nihat Aktas

Finance and Accounting Group

Does bilateral trust matter during mergers and acquisitions negotiations?

Ahmad, M. F., Aktas, N., Aziz, S. (2023), Does bilateral trust matter during mergers and acquisitions negotiations?, British Journal of Management, Vol. 34 (4), pp. 2212-2233.

Finance and Accounting Group

Climate risk and deployment of corporate resources to working capital

Ahmad, M. F., Aktas, N., Croci, E. (2023), Climate risk and deployment of corporate resources to working capital, Economics Letters, Vol. 224, 111002.

Finance and Accounting Group

Corporate divestitures around acquisitions

Aktas, N., Baros, A., Croci, E. (2022), Corporate divestitures around acquisitions, Journal of Corporate Finance, Vol. 73, 102189.

Finance and Accounting Group

The role of internal M&A teams in takeovers

Aktas, N., Boone, A., Witkowski, A., Xu, G., Yurtoglu, B. (2021), The role of internal M&A teams in takeovers, Review of Finance, Vol. 25 (4), pp. 1047–1088.

Finance and Accounting Group

Reductions in CEO career horizons and corporate policies

Aktas, N., Boone, A., Croci, E., Signori, A. (2021), Reductions in CEO career horizons and corporate policies, Journal of Corporate Finance, Vol. 66, 101862.

Finance and Accounting Group

Credit ratings and acquisitions

Aktas, N., Petmezas, D., Servaes, H., Karampatsas, N. (2021), Credit ratings and acquisitions, Journal of Corporate Finance, Vol. 69, 101986.

Finance and Accounting Group

Executive compensation and deployment of corporate resources

Aktas, N., Croci, E., Ozbas, O., Petmezas, D. (2021), Executive compensation and deployment of corporate resources: evidence from working capital, Review of Corporate Finance, Vol. 1 (1-2), pp. 43-80.

Finance and Accounting Group

CEO duality, agency costs, and internal capital allocation efficiency

Aktas, N., Andreou, P., Karasamani, I., Philip, D. (2019), CEO duality, agency costs, and internal capital allocation efficiency, British Journal of Management, Vol. 30 (2), pp. 473-493.

Finance and Accounting Group

Stock market development and the financing role of IPOs in acquisitions

Aktas, N., Andries, K., Croci, E., Özdakak, A. (2019), Stock market development and the financing role of IPOs in acquisitions, Journal of Banking & Finance, Vol. 98, pp. 25-38.

Finance and Accounting Group

CEO overconfidence and the value of corporate cash holdings

Aktas, N., Louca, C., Petmezas, D. (2019), CEO overconfidence and the value of corporate cash holdings, Journal of Corporate Finance, Vol. 54, pp. 85-106.

Finance and Accounting Group

Does bilateral trust matter during mergers and acquisitions negotiations?

Ahmad, M. F., Aktas, N., Aziz, S. (2023), Does bilateral trust matter during mergers and acquisitions negotiations?, British Journal of Management, Vol. 34 (4), pp. 2212-2233.

Finance and Accounting Group

Climate risk and deployment of corporate resources to working capital

Ahmad, M. F., Aktas, N., Croci, E. (2023), Climate risk and deployment of corporate resources to working capital, Economics Letters, Vol. 224, 111002.

Finance and Accounting Group

Corporate divestitures around acquisitions

Aktas, N., Baros, A., Croci, E. (2022), Corporate divestitures around acquisitions, Journal of Corporate Finance, Vol. 73, 102189.

Finance and Accounting Group

The role of internal M&A teams in takeovers

Aktas, N., Boone, A., Witkowski, A., Xu, G., Yurtoglu, B. (2021), The role of internal M&A teams in takeovers, Review of Finance, Vol. 25 (4), pp. 1047–1088.

Finance and Accounting Group

Reductions in CEO career horizons and corporate policies

Aktas, N., Boone, A., Croci, E., Signori, A. (2021), Reductions in CEO career horizons and corporate policies, Journal of Corporate Finance, Vol. 66, 101862.

Finance and Accounting Group

Credit ratings and acquisitions

Aktas, N., Petmezas, D., Servaes, H., Karampatsas, N. (2021), Credit ratings and acquisitions, Journal of Corporate Finance, Vol. 69, 101986.

Finance and Accounting Group

Executive compensation and deployment of corporate resources

Aktas, N., Croci, E., Ozbas, O., Petmezas, D. (2021), Executive compensation and deployment of corporate resources: evidence from working capital, Review of Corporate Finance, Vol. 1 (1-2), pp. 43-80.

Finance and Accounting Group

CEO duality, agency costs, and internal capital allocation efficiency

Aktas, N., Andreou, P., Karasamani, I., Philip, D. (2019), CEO duality, agency costs, and internal capital allocation efficiency, British Journal of Management, Vol. 30 (2), pp. 473-493.

Finance and Accounting Group

Stock market development and the financing role of IPOs in acquisitions

Aktas, N., Andries, K., Croci, E., Özdakak, A. (2019), Stock market development and the financing role of IPOs in acquisitions, Journal of Banking & Finance, Vol. 98, pp. 25-38.

Finance and Accounting Group

CEO overconfidence and the value of corporate cash holdings

Aktas, N., Louca, C., Petmezas, D. (2019), CEO overconfidence and the value of corporate cash holdings, Journal of Corporate Finance, Vol. 54, pp. 85-106.

Selected research publications by Professor Nihat Aktas

Journal of Financial and Quantitative Analysis

CEO narcissism and the takeover process

Nihat Aktas, Eric de Bodt, Helen Bollaert and Richard Roll

Journal of Financial Economics

Learning from repetitive acquisitions: Evidence from the time between deals

Nihat Aktas, Eric de Bodt and Richard Roll

Journal of Financial Economics

Negotiations under the threat of an auction

Nihat Aktas, Eric de Bodt and Richard Roll

Economic Journal

Is European M&A regulation protectionist?

Nihat Aktas, Eric de Bodt and Richard Roll

Journal of Financial and Quantitative Analysis

Market response to European regulation of business combinations

Nihat Aktas, Eric de Bodt and Richard Roll

Journal of Financial and Quantitative Analysis

CEO narcissism and the takeover process

Nihat Aktas, Eric de Bodt, Helen Bollaert and Richard Roll

Journal of Financial Economics

Learning from repetitive acquisitions: Evidence from the time between deals

Nihat Aktas, Eric de Bodt and Richard Roll

Journal of Financial Economics

Negotiations under the threat of an auction

Nihat Aktas, Eric de Bodt and Richard Roll

Economic Journal

Is European M&A regulation protectionist?

Nihat Aktas, Eric de Bodt and Richard Roll

Journal of Financial and Quantitative Analysis

Market response to European regulation of business combinations

Nihat Aktas, Eric de Bodt and Richard Roll

See more publications on Google Scholar & SSRN

Our team

Team
Alumni

Professor Nihat Aktas

Professor Nihat Aktas

Chairholder

nihat.aktas(at)whu.edu

+49 (0)261 6509 224

CV & Publications

Johanna Häring

Johanna Häring

Personal Assistant

johanna.haering(at)whu.edu

+49 (0)261 6509 777

Talha Umar

Talha Umar

Research Assistant

talha.umar(at)whu.edu

+49 (0)261 6509 223

Andreas G. Zetzsche

Andreas G. Zetzsche

Chair Affiliate
Former Group Head of M&A RWE AG, Essen

Dr. Alexander Witkowski

Dr. Alexander Witkowski

Dissertation:
"Empirical Essays in Corporate Finance"

alexander.witkowski(at)whu.edu

Dr. Santo Centineo

Dr. Santo Centineo

Dissertation:
"Essays in Empirical Corporate Finance: Family Firms, Investment Decisions, and Performance"

santo.centineo(at)whu.edu

Dr. Ali Özdakak

Dr. Ali Özdakak

Dissertation:
"Empirical Essays on Initial Public Offerings and Mergers & Acquisitions"

ali.oezdakak(at)whu.edu

Dr. Can Deniz Dogan

Dr. Can Deniz Dogan

Dissertation:
“Essays in Mergers and Acquisitions”

can.dogan(at)whu.edu

Teaching - Bachelor and Master courses as well as final theses

Corporate Finance, mandatory BSc course, 2^nd semester
Valuation and M&A, elective MiF course, 1^st semester
Mergers and Acquisitions, elective MiM course, 2^nd semester
Investment Banking, MBA
Mergers & Acquisitions, MBA

Get in touch with us –

We look forward to hearing from you.

Professor Nihat Aktas

Professor Nihat Aktas

Chairholder

nihat.aktas(at)whu.edu

+49 (0)261 6509 224

Our location

Chair of Mergers and Acquisitions

WHU Campus Vallendar

WHU – Otto Beisheim School of Management

Burgplatz 2
56179 Vallendar

+49 261 65 09 - 0

Quicklinks

Finance & Accounting Group Faculty & Research About WHU

Finance & Accounting Group Faculty & Research About WHU