We examine the relation between bidder returns and the probability of chief executive officer (CEO) turnover in acquiring firms. Using a sample of 714 acquisitions during 1990 to 1998, we find that 47% of CEOs of acquiring firms are replaced within 5 years, including 27% by internal governance,...

After the completion of an M&A transaction, the target firm is delisted but some analysts who covered it retain coverage of the merged firm. We hypothesize that this decision is based on two factors — the analyst's ability to cover the merged firm and his or her assessment of the M&A deal....