Premier advisory services for VIP acquirers

被引：4

作者：

Liu, Qi ^{[1
]}

Sun, Xian ^{[2
]}

Wu, Hong ^{[3
]}

机构：

[1] Peking Univ, Guanghua Sch Management, Beijing, Peoples R China

[2] Johns Hopkins Univ, Carey Business Sch, Baltimore, MD 21218 USA

[3] Fudan Univ, Sch Econ, Shanghai, Peoples R China

来源：

JOURNAL OF CORPORATE FINANCE | 2019年 / 54卷

基金：

中国国家自然科学基金;

关键词：

INVESTMENT BANKER; MERGERS; ACQUISITIONS; REPUTATION; MARKET; PERFORMANCE; ADVISERS; GAINS; FIRMS; INFORMATION;

D O I：

10.1016/j.jcorpfin.2018.11.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We model an investment banks choice of resource allocation by the probability of acquirers' mergers and acquisitions frequency in the future to theoretically link the role of investment banks to the acquirer returns. Our model predicts the heterogeneity in the quality of advisory services provided by the same investment bank that leads to the heterogeneity in acquirer returns. Such heterogeneity declines as the likelihood of an industry merger wave rises. Controlling for investment bank fixed effects, acquirer fixed effects and potential self-selection bias, we find empirical evidence supporting our hypotheses.

引用

页码：1 / 25

页数：25

共 37 条

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