As machines replace humans in financial markets, how is informational efficiency impacted? We shed light on this issue … significantly improves informational efficiency and reduces the price drift following information events. We address identification …

advisors to acquirers. In particular, the target earns higher abnormal returns when the target's own bank certifies the (more …. Second, acquirers predominantly use commercial bank advisors to obtain access to bank loans that may be used to finance the …. Moreover, the advising bank's recommendations may be distorted by considerations related to credit exposure incurred in both …