This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts (LBOs) and hostility. After a...

We study the recent episode of bank failures and provide simple facts to better understand who acquires failed banks and which forces drive the losses that the FDIC realizes from these sales. We document three distinct forces related to the allocation of failed banks to potential acquirers....

<i>In response to a comment on this paper by <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3050984">Ayash and Rastad</a href> the authors have posted a comment which may be found <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3113272">here.</a href></i>

This paper connects changes in employer characteristics through job transitions to employee earnings following mergers and acquisitions (M&As). Using firm balance sheet data linked to individual earnings data in Canada and a matched difference-in-differences design, we find that after M&As...