The role of investment banks in M&A transactions: Fees and services

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Show simple item record Walter, Terry en_US Yawson, Alfred en_US Yeung, Charles en_US
dc.contributor.editor en_US 2010-05-28T09:54:10Z 2010-05-28T09:54:10Z 2008 en_US
dc.identifier 2008000675 en_US
dc.identifier.citation Walter Terry, Yawson Alfred, and Yeung Charles 2008, 'The role of investment banks in M&A transactions: Fees and services', Elsevier, vol. 16, pp. 341-369. en_US
dc.identifier.issn 0927-538X en_US
dc.identifier.other C1UNSUBMIT en_US
dc.description.abstract We examine the pricing and performance of advisers in M&A transactions. We determine adviser quality on the basis of a contemporaneous market share measure and show that high quality advisers receive higher M&A advisory fees. High quality advisers also complete deals faster, but their superiority is not reflected in increasing the likelihood of deal completion or delivering greater abnormal equity returns to their clients. It is well known that stock bids are received more negatively than cash bids, so we further partition the sample of acquirers by consideration type and examine the abnormal returns of each partition. We find that high quality investment banks are able to differentiate themselves by delivering greater abnormal returns to their acquirer clients in deals involving stock. en_US
dc.language en_US
dc.publisher Elsevier en_US
dc.title The role of investment banks in M&A transactions: Fees and services en_US
dc.parent Pacific-Basin Finance Journal en_US
dc.journal.volume 16 en_US
dc.journal.number en_US
dc.publocation The Netherlands en_US
dc.identifier.startpage 341 en_US
dc.identifier.endpage 369 en_US BUS.Faculty of Business en_US
dc.conference Verified OK en_US
dc.for 150200 en_US
dc.personcode 104692 en_US
dc.personcode 0000047251 en_US
dc.personcode 0000047252 en_US
dc.percentage 100 en_US Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords Investment banks; Quality premium; Advisory fees; Stock bids en_US

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