Manuscript Type: Empirical Research Question/Issue: We propose and test a new perspective on why the boards of some acquiring firms purchase a fairness opinion (FO). Specifically, we examine whether the board's knowledge explains the use of a FO and the market reaction to the FO. Research...

We examine whether economic policy uncertainty (EPU) affects a board's chief executive officer (CEO) replacement decision. We find that high EPU reduces the likelihood of forced CEO turnover. Our results support the idea that performance assessment may be more difficult when uncertainty is high....

We examine the changes in the board’s dual roles of monitoring and advising in times of fluctuating economic policy uncertainty (EPU). We find that a rise in EPU leads boards to reduce the size and increase independence and the proportion of female directors. They also decrease the involvement...