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.
Professor Dr. 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 Dr. 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 Dr. Aktas is also a member of the Supervisory Board of Pulcra Chemicals.
Recent research publications –
by Professor Dr. Nihat Aktas.
Climate risk and deployment of corporate resources to working capital
Ahmad, M. F., Aktas, N., Croci, E. (2023), Economics Letters, Vol. 224, Article no. 111002, 6 pages
Does bilateral trust matter during mergers and acquisitions negotiations?
Ahmad, M. F., Aktas, N., Aziz, S. (2023), British Journal of Management, Vol. 34 (4), pp. 2212-2233
Corporate divestitures around acquisitions
Aktas, N., Baros, A., Croci, E. (2022), Journal of Corporate Finance, Vol. 73, Article no. 102189, 22 pages
Credit ratings and acquisitions
Aktas, N., Petmezas, D., Servaes, H., Karampatsas, N. (2021), Journal of Corporate Finance, Vol. 69, Article no. 101986, 21 pages
Executive compensation and deployment of corporate resources: evidence from working capital
Aktas, N., Croci, E., Ozbas, O., Petmezas, D. (2021), Review of Corporate Finance, Vol. 1 (1), pp. 43-80
Reductions in CEO career horizons and corporate policies
Aktas, N., Boone, A., Croci, E., Signori, A. (2021), Journal of Corporate Finance, Vol. 66, Article no. 101862, 21 pages
The role of internal M&A teams in takeovers
Aktas, N., Boone, A., Witkowski, A., Xu, G., Yurtoglu, B. (2021), Review of Finance, Vol. 25 (4), pp. 1047–1088
CEO duality, agency costs, and internal capital allocation efficiency
Aktas, N., Andreou, P., Karasamani, I., Philip, D. (2019), British Journal of Management, Vol. 30 (2), pp. 473-493
CEO overconfidence and the value of corporate cash holdings
Aktas, N., Louca, C., Petmezas, D. (2019), Journal of Corporate Finance, Vol. 54, pp. 85-106
Stock market development and the financing role of IPOs in acquisitions
Aktas, N., Andries, K., Croci, E., Özdakak, A. (2019), Journal of Banking & Finance, Vol. 98, pp. 25-38
She is mine: determinants and value effects of early announcements in takeovers
Aktas, N., Xu, G., Yurtoglu, B. (2018), Journal of Corporate Finance, Vol. 50, pp. 180-202
CEO duality, agency costs, and internal capital allocations
Philip, D., Karasamani, I., Aktas, N., Panayiotis, A. (2016), Harvard Law School Forum on Corporate Governance and Financial Regulation
CEO narcissism and the takeover process: from private initiation to deal completion
Aktas, N., De Bodt, E., Bollaert, H., Roll, R. (2016), Journal of Financial and Quantitative Analysis, Vol. 51, pp. 113-137
Corporate governance and takeover outcomes
Aktas, N., Croci, E., Simsir, S. (2016), Corporate Governance: An International Review, Vol. 24, pp. 242-252
Industry IPOs, growth opportunities, and private target acquisitions
Aktas, N., Cousin, J., Özdakak, A., Zhang, J. (2016), Journal of Corporate Finance, Vol. 37, pp. 193–209
Value of control in family firms: evidence from mergers and acquisitions
Aktas, N., Centineo, S., Croci, E. (2016), Multinational Finance Journal, Vol. 20, pp. 85-126
Increased entry threat and merger activity
Aktas, N., Decklerck-Dupire, M. (2015), Finance : Revue de l'Association Française de Finance, Vol. 36, pp. 75-115
Is working capital management value-enhancing?evidence from firm performance and investments
Aktas, N., Croci, E., Petmezas, D. (2015), Journal of Corporate Finance, Vol. 30, pp. 98-113
Learning from repetitive acquisitions: evidence from the time between deals
Aktas, N., De Bodt, E., Roll, R. (2013), Journal of Financial Economics, Vol. 108, pp. 99-117
MicroHoo: deal failure, industry rivalry, and sources of overbidding
Aktas, N., De Bodt, E., Roll, R. (2013), Journal of Corporate Finance, Vol. 19, pp. 20-35
The value effect of operational hedging: evidence from foreign takeovers
Aktas, N., Cousin, J., Zhang, Y. (2013), Finance : Revue de l'Association Française de Finance, Vol. 34, pp. 7-30
The information content of trade credit
Aktas, N., De Bodt, E., Lobez, F., Statnik, J. (2012), Journal of Banking & Finance, Vol. 36, pp. 1402-1413
Capital structure decisions of French very small businesses
Aktas, N., Bellettre, I., Cousin, J. (2011), Finance : Revue de l'Association Française de Finance, Vol. 32, pp. 43-73
Do financial markets care about SRI?evidence from mergers and acquisitions
Aktas, N., De Bodt, E., Cousin, J. (2011), Journal of Banking & Finance, Vol. 35, pp. 1753-1761
Serial acquirer bidding: an empirical test of the learning hypothesis
Aktas, N., De Bodt, E., Roll, R. (2011), Journal of Corporate Finance, Vol. 17, pp. 18-32
Les facteurs qui guident le choix du mode de vente
Aktas, N., De Bodt, E. (2010), Finance Management – CFO network, Vol. 43, pp. 42-44
Negotiations under the threat of an auction
Aktas, N., De Bodt, E., Roll, R. (2010), Journal of Financial Economics, Vol. 98, pp. 241-255
Idiosyncratic volatility change and event study tests
Aktas, N., De Bodt, E., Cousin, J. (2009), Finance : Revue de l'Association Française de Finance, Vol. 30, pp. 31-62
Learning, hubris and corporate serial acquisitions
Aktas, N., De Bodt, E., Roll, R. (2009), Journal of Corporate Finance, Vol. 15, pp. 543-561
Legal insider trading and market efficiency
Aktas, N., De Bodt, E., Van Oppens, H. (2008), Journal of Banking & Finance, Vol. 32, pp. 1379-1392
Licenciements collectifs: réaction boursière et attitude politique
Aktas, N., De Bodt, E., Tesolin, G. (2007), Regards Économiques, (48)
Regards sur la nouvelle vague de fusions et acquisitions
Aktas, N., De Bodt, E., De Callataÿ, E., Tesolin, G. (2006), Regards Économiques, (39)
Selected research publications –
by Professor Dr. Nihat Aktas.
See more publications on Google Scholar & SSRN
Professor Dr.
Nihat Aktas
Chairholder
+49 (0)261 6509 224
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CV & Publications
Johanna Häring
Personal Assistant
+49 (0)261 6509 777
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Talha Umar
Research Assistant
+49 (0)261 6509 223
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Andreas G. Zetzsche
Chair Affiliate
Former Group Head of M&A RWE AG, Essen
CV
Dr. Alexander Witkowski
Dissertation:
"Empirical Essays in Corporate Finance"
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Dr. Santo Centineo
Dissertation:
"Essays in Empirical Corporate Finance: Family Firms, Investment Decisions, and Performance"
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Dr. Ali Özdakak
Dissertation:
"Empirical Essays on Initial Public Offerings and Mergers & Acquisitions"
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Bachelor and Master courses –
as well as final theses.
- Corporate Finance, mandatory BSc course, 2nd semester
- Valuation and M&A, elective MiF course, 1st semester
- Mergers and Acquisitions, elective MiM course, 2nd semester
- Investment Banking, MBA
- Mergers & Acquisitions, MBA
Get in touch with us –
We look forward to hearing from you.

WHU – Otto Beisheim School of Management
Chair of Mergers and Acquisitions
Burgplatz 2
56179 Vallendar