This paper examines the selection of intermediaries in the French mergers and acquisitions (M&A) market, which is an opaque environment. Buyers and sellers cope with uncertainty as to the value of exchanged assets. They thus rely on the help of experts in order to secure deals. But as the...

This paper provides insights into the inner workings of internal corporate M&A teams using survey evidence from 65 firms from Austria, Germany, and Switzerland. We find that internal teams create value, especially relative to external advisors, by directing transaction rationales, screening...