The Value of Big N Target Auditors in Corporate Takeovers
研究发现，聘请大型审计师的公司更可能成为并购目标且交易更易完成，尤其对信息风险高的公司作用更明显。
SUMMARY: Using a large sample between 1987 and 2006, we document that firms with Big N auditors are (1) more likely to become merger and acquisition (M&A) targets, and (2) more likely to be ultimately acquired in M&A deals. Cross-sectional analyses further suggest that the effects of Big N target auditors on the likelihood of becoming targets and on deal completion rates are more pronounced for firms with low accruals quality (our proxy for high information risk). Overall, the results emphasize the important role that Big N target auditors play in facilitating M&A transactions. Data Availability: All data used in this study are publicly available from the sources identified in the paper.