We examine the determinants of merging firms’ choice of a common or separate mergers and acquisitions adviser and the consequences of this choice on several deal outcomes. In a large sample of acquisitions, common advisers appear to be chosen in economically sensible ways. After controlling...

This paper examines the consequences of accounting scandals to top management, top financial officers, and outside auditors. We examine a sample of 518 U.S. public companies that announced earnings-decreasing restatements during the 1997-2002 period and an industry-size matched sample of control...

We examine insider trading in a sample of more than 500 firms involved in accounting scandals revealed by earnings-decreasing restatements, and in a control sample of non-restating firms. Managers who sell stock while earnings are misstated potentially commit two crimes, earnings manipulation...

This paper examines whether underwriter reputation, venture capitalist (VC) backing, and VC reputation are related to the probability that a newly public firm has serious accounting problems. We examine a sample of firms that went public during 1995-2005 and announced restatements within three...

We examine the determinants and deal valuation consequences of private sellers' choice of hiring M&A advisers or top-tier advisers. Advisers can find and negotiate better deals for sellers, but hiring them entails fees and potential agency costs. Using a hand-collected dataset on the hiring of...