We empirically study the existence and impact of search frictions in the market for corporate control in order to explain who makes acquisitions. We proxy search frictions with the board of director's degree of connectedness. Alternatively, we capture such frictions using geographic proximity...

We empirically study the existence and impact of search frictions and the importance of golden parachute provisions in the market for corporate control. We proxy search frictions with the board's degree of connectedness, and also with measures of market thickness, geographic proximity and...