haku: @author Servaes, H. / yhteensä: 12
viite: 7 / 12
| Tekijä: | Servaes, H. Zenner, M. |
| Otsikko: | The role of investment banks in acquisitions. |
| Lehti: | Review of Financial Studies
1996 : FALL, VOL. 9:3, p. 787-815 |
| Asiasana: | MERGERS INVESTMENT BANKS TRANSACTION COSTS REGRESSION ANALYSIS |
| Kieli: | eng |
| Tiivistelmä: | The authors compare acquisitions completed with and without investment bank advice over the 1981 to 1992 period. They find that the choice to use an ivestment bank depends on the complexity of the transaction (takeovers versus acquisitions of assets), the acquiror's prior acquisition experience, and the degree of diversification of the target firm. Although acquisition announcement returns are lower for firms using investment banks, this difference can be explained by differences in transaction characteristics. These results suggest that transaction costs are the main determinant of investment banking choice, followed by contracting costs and asymmetric information costs. |
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