...Hai Lin; Chang Yu Purpose Using Regulation SHO's pilot program as a natural experiment, we study how removing short-selling constraints affects a firm's mergers and acquisitions (M&A). Design/methodology/approach Difference-in-difference (DID) regressions. Findings We find that during...

... under co-opted boards make value-destructing Mergers and Acquisitions deals. We also show that the relationship between board co-option and acquisition performance is positively moderated by institutional ownership while being negatively moderated by an entrenched board. Our additional tests reveal...