. Using supervisory trade-level data, we show that banks with closer ties to a target advisor in a takeover buy more stocks of … ffnd such effects for bank connections to acquirer advisors or for trades in acquirer stocks. Target advisors benefit from … leaking information about takeover bids to connected banks, as it drives up the premium paid without compromising the …

. Using supervisory trade-level data, we show that banks with closer ties to a target advisor in a takeover buy more stocks of … find such effects for bank connections to acquirer advisors or for trades in acquirer stocks. Target advisors benefit from … leaking information about takeover bids to connected banks, as it drives up the final offer price without compromising the …