کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1003213 937557 2009 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Investment bank reputation and shareholder wealth effects in mergers and acquisitions
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Investment bank reputation and shareholder wealth effects in mergers and acquisitions
چکیده انگلیسی

This paper investigates the relationship between the reputation of investment banks employed in mergers and acquisitions transactions and the resulting wealth effects. Two hypotheses are tested: the superior deal hypothesis, stating that high reputation advisors suggest deals with higher overall transaction gains; and the bargaining advantage hypothesis, stating that the larger share of transaction benefits is attributed to the party employing a highly reputed advisor. Evidence from 285 European M&A-transactions announced between 1997 and 2002 does not support any of these hypotheses. On average, wealth effects are not significantly different for transactions advised by different advisor tiers.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 23, Issue 3, September 2009, Pages 257–273
نویسندگان
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