Post regulatory enactments, Sarbanes-Oxley (SOX) Act, 2002 and the Narayana Murthy Committee's report, responsibilities of the board have undergone a major change. Consequently, different aspects of board structure, comprising board size, board independence and CEO duality, have become...

Manuscript Type: Empirical Research Question/Issue: We propose and test a new perspective on why the boards of some acquiring firms purchase a fairness opinion (FO). Specifically, we examine whether the board's knowledge explains the use of a FO and the market reaction to the FO. Research...