Title：The Role of Boardroom Networks in the Selling of Firms

　　Abstract: Using data on the private process of M&A deals, we examine the impact of target boardroom network centrality on the process and, consequently, the efficiency of the deals. Targets with more central boards obtain higher deal premiums, and both these targets and their acquirers experience more positive deal announcement returns. Their acquirers also exhibit better post-deal stock and operating performance. We find supportive evidence for three channels through which boardroom networks enhance acquirer-target matching efficiency – lowering search costs, enhancing bidding competition, and reducing contracting frictions. The results suggest that boardroom networks help facilitate a value-enhancing deal process in M&As.