equity acquirer retains the target CEO, target shareholders receive an acquisition premium that is larger by as much as 18 …% of pre-acquisition firm value when accounting for the endogeneity of the retention decision. Our evidence is consistent … the post-acquisition company and the incumbent CEO may be the best choice to do so because she has valuable firm …

&A staff. We investigate whether specialized M&A staff improves acquisition performance or facilitates managerial empire … building instead. We find that firms with specialized M&A staff make better acquisitions when acquisition performance is …&A staff improves acquisition performance. For identification, we use the staggered recognition of inevitable disclosure …

instead of a public firm makes the acquisition. Non-operating firms like private equity funds make the majority of private … the acquisition. There is no evidence that the difference in premiums is driven by observable differences in targets. We …