"This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this … investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can … possible reasons for these different outcomes. First, it is the target firm, not the acquirer, that must be priced in a merger …

In moral hazard models, bank shareholders have incentives to transfer wealth from the deposit insurer - that is … despite the difficult financial environment, shareholders' risk-taking incentive was confined primarily to a small fraction of …

board structure. We document that mergers and acquisitions activity influences bank board composition, and we provide new …

, trading is more one-sided prior to merger news. Consistent with belief heterogeneity, trading is more two-sided (1) before …