Director interlocking is a controversial phenomenon, and many countries have implemented regulation limiting multiple directorships. In contrast, Australian companies and directors are relatively free to develop board networks. This paper extends the research on the effects of interlocking...

This paper compares the reaction of bidders' stock prices to acquisition announcements by regulated non-financial firms, banks, and unregulated companies in Japan. Results suggest that regulated non-financial firms do not experience a significant stock price response at M&A announcements,...

Distinct from existing studies on general institutional investors and institutional investor cliques, this study examines how common institutional owners, who simultaneously hold more than 5% equity blocks in at least two publicly traded firms within the same industry, influence firms’ bad...

The process of Mergers and Acquisition (hereinafter referred to as ‘M&A’) is essentially based on the concept of synergism which is typically defined as the net potential gains of the merged entity to be greater than the gains derived from the sum of the gains from the individual firms. The...

We provide new facts about the cross-section and evolution of mergers and acquisitions for U.S. public firms. Using a general equilibrium model with a hedonic demand system and data on institutional ownership, we document that mergers are increasingly concentrated among firm pairs with a high...