Financial advisors, financial crisis, and shareholder wealth in bank mergers

被引：6

作者：

Chuang, Kai-Shi ^{[1
]}

机构：

[1] Tunghai Univ, Dept Finance, 118,Sec 3,Taichung Kan Rd, Taichung, Taiwan

来源：

GLOBAL FINANCE JOURNAL | 2014年 / 25卷 / 03期

关键词：

Investment banks; Bank mergers; Shareholder wealth; Financial crisis;

D O I：

10.1016/j.gfj.2014.10.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the relationship between the quality of investment banks and shareholder wealth in bank mergers. Focusing on a US sample of 415 targets and 1066 bidders from 1995 to 2010, I find that the quality of financial advisors appears to have a significant impact on shareholder wealth for bidding firms, but not for target firms. The results suggest that bidders experience higher losses when hiring tier-1 advisors. Further analysis shows that this finding holds during 'normal' periods, but not during crisis periods, where I find a significant positive relationship between tier-1 advisors and bidder announcement returns, suggesting that more prestigious financial advisors can offer superior advising services. (C) 2014 Elsevier Inc. All rights reserved.

引用

页码：229 / 245

页数：17

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