The Role of outside Directors in Bank Acquisitions
研究发现，与一般企业不同，收购方银行董事会中独立外部董事比例越高，收购公告时的异常回报反而越低，这可能与银行法对合格董事的限制有关。
Banking law appears to limit the available pool of qualified directors. This study finds - in contrast to nonfinancial firms - a negative relation between abnormal returns and the proportion of independent outside directors on the board of directors of bidding banks.