Our work provides refined tests of the existence and source of merger gains in a neglected industry: utilities. While excluded from traditional analyses, utilities offer fertile ground for a detailed analysis of the traditional theories of synergy, collusion, hubris and anticipation. The...

Director selection is crucial in corporate governance, but little is known about the relative importance of individual director attributes in the selection process. We examine the motives for director selection using the empirical setting of mergers, which offers a well-defined pool of...

We study the utility industry from 1980 to 2004 to discern the time series impact of industry shocks and their relation to mergers as modeled by Gort (1969) and Jensen (1993). Our sample period permits tests of the effect of utility deregulation in 1992 and related industry shocks on the rate of...