There has been a loosening of the regulation governing the market for corporate control in the banking industry. Nearly every state in the U.S. has passed some form of interstate banking legislation that allows out‐of‐state banks to acquire local banks. Previous research has shown that the...

We examine the outside director selection process using unique data on appointments of academic directors. Overall, we find that academic directors tend to be appointed by small- and mid-cap firms expanding their boards. However, we find important differences in both the factors influencing...

Regardless of their motives, acquiring firms almost always have to offer a premium to the shareholders of the acquired firm in acquisitions. That is, the value of the securities or cash paid by the acquirers is higher than the premerger market price of the acquired firm's common stock. The size...