This study examines whether the pre-deal target-bidder firm governance gap affects the bidder’s post-deal change in governance quality. We estimate cross-sectional regressions using mergers and acquisitions from 2004 to 2016. We find that the bidder’s firm-level governance improves for...

This paper studies how target industry competition affects shareholder gains around mergers and acquisitions. We find that industry competition does not affect the combined (bidder and target) announcement returns; however, when taken separately, the impact is negative for bidder and positive...