A friendly merger can be structured as a one-step transaction or a two-step transaction. For a variety of reasons, such as the fast speed with which two-step mergers are completed, there are concerns about whether target shareholders are disadvantaged by this structure in comparison with...

We study the influence of country expertise of investment banks in facilitating cross-border merger deals by analyzing a large international sample of M&A deals. We provide evidence that the geographical proximity, cultural affinity, and local experience of investment banks advising bidding...

Research Question/Issue: We investigate outside director departures prior to management buyout offers (MBOs). In these transactions, managers have both an information advantage and incentives to make a lowball offer to shareholders. Outside directors can safeguard against managerial self-dealing...

We investigate the consequences of mergers and acquisitions (M&As) for information asymmetry in the banking sector. We test competing hypotheses about the effect of M&As on the information environment. M&As either increase information asymmetry (the opacity hypothesis) or diminishes it (the...