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Using an extended history of debt, equity, and merger transactions, we examine long-term firm-advisor relations and find that hard-to-value firms are more likely to maintain dedicated relations (underwriters or merger advisors). Firms that retain predominantly one advisor over their entire transaction history, however, pay higher underwriting/advisory fees,(More)
In social psychology, agentic behavior connotes excessive obedience to a proximate authority, and is mitigated by a rival authority or peer voicing dissent. Corporate governance reformers advocate non-CEO chairs and independent directors, respectively, as potential rival authorities and dissenting peers – plausibly to mitigate excessive director loyalty to(More)
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