Coordinated monitoring and mergers and acquisitions
研究发现，机构投资者之间的协调监督会显著影响企业的并购行为，当机构协调监督更好时，收购方股东回报更高，并购活动也更活跃。
Abstract This paper shows that coordinated monitoring by institutional investors affects how firms behave in the M&A market. We employ the spatial dimension of geographic links between major institutions as a proxy for interaction and information exchange—a process that determines the effectiveness of investor monitoring over firm management. Using data over the last 30 years, we show that the returns to acquiring shareholders are significantly higher, and M&A activity is significantly more intense when institutions coordinate better their monitoring efforts. Our results are robust to series of tests to gauge their sensitivity to different model specifications and estimation procedures.