higher takeover premiums relative to their non-cross-listed peers. Moreover, shareholders of Sarbanes-Oxley-compliant targets … and acquisitions. Cross-listing appears to strengthen the bargaining power of target firms, allowing them to extract …

This paper examines whether post-merger board composition affects the premiums paid to target shareholders. Using a … sample of 207 stock-for-stock mergers from 1996 to 2004, we show that target merger premiums vary inversely with target … director representation on the post-merger board. We also provide some evidence that both inside and outside target directors …