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This chapter examines the effect of creditors’ monitoring role on the profitability of firm acquisitions. We use the shares retained by the lead arranger of a syndicated loan as a proxy for monitoring level. We find that acquirer announcement returns are positively related to the shares retained by the lead arranger. The effect of the lead arranger’s shares on the acquirer’s return becomes pronounced in cash acquisition deals, and when there exist financial covenants. Our results suggest that lead arrangers are important not only for monitoring loans but also for successful acquisitions by borrowers. An important policy implication of the main findings of this chapter on bank monitoring is that policy makers should design financial covenants to improve the efficiency of monitoring activities by lead arranging banks in syndicated bank loan deals.

This chapter presents an investigation of the sex abuse scandal within the Catholic Church through the lens of stigmatization for the purpose of elaborating the theory, making it more widely applicable across multiples levels of analysis. Much like individuals, organizations must engage in information management in order to conceal discrediting information that would blemish their reputation. Given the number of people who comprise an organization, such secrecy relies on teamwork in order to contain damaging information. Based on an analysis of investigative journalist accounts of the scandal between 1985 and 2014, I present a typology representing the system of organizational secrecy developed by the Catholic Church. While organizations like the church have more structural resources at their disposal to ensure information control is maintained, their size and the varying levels of commitment to secrecy on the part of individual members of the team ultimately work against them.

Advisors play a key role in the mergers and acquisitions (M&A) process, but research to date has rarely focused on how their influence impacts these transactions. The present chapter takes stock of the present literature on M&A advisors from finance, economics, and management in order to integrate the currently diverging research traditions into a coherent framework. The current research has focused on proximal acquisition outcomes, like acquisition premiums or expected performance in the form of cumulative abnormal returns, but there is limited theoretical understanding of the advisors impact on the post-acquisition period. Moreover, while the role of advisor reputation has been highlighted on both the management and finance literatures as an important aspect of the role advisors play in the M&A process, there seems to be much to be addressed. Furthermore, and perhaps most importantly, the nature of the relationship between the advisor and the acquirer or target presents challenges to researchers where the advisor acts both as a provider of expertise in the M&A process, but may be simply acting on their own best interest. The new framework that the authors present here provides management scholars with a roadmap into a cohesive research agenda that can inform our theoretical understanding of the role of M&A advisors.

COVID-19 has had remarkable impacts in rural America. Although the onset of the pandemic was in urban areas, it quickly spread to rural areas and ultimately resulted in higher mortality rates for rural populations. Due to this and other associated impacts, the pandemic has resulted in mental health issues across rural America. In this chapter, the authors first describe the state of rural America pre-pandemic, then detail the overall and mental health impacts of the pandemic on rural people. Following this, the authors report results of a case study on COVID-19 in the rural America West and conclude with recommended steps for addressing the unfolding crisis. Many of the steps the authors can take to improve rural mental health following the pandemic have long-been necessary. However, given the impacts of COVID-19, they are now needed more than ever.