Competition in the market for takeover advisers

Da Silva Rosa, R; Lee, PJ; Skott, M; Walter, TS

Competition in the market for takeover advisers

Da Silva Rosa, R Lee, PJ Skott, M Walter, TS

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Publisher:: Australian Graduate School of Management
Publication Type:: Journal Article
Citation:: Australian Journal of Management, 2004, 29 (Special), pp. 61 - 92
Issue Date:: 2004-01

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Field	Value	Language
dc.contributor.author	Da Silva Rosa, R	en_US
dc.contributor.author	Lee, PJ	en_US
dc.contributor.author	Skott, M	en_US
dc.contributor.author	Walter, TS	en_US
dc.date.issued	2004-01	en_US
dc.identifier.citation	Australian Journal of Management, 2004, 29 (Special), pp. 61 - 92	en_US
dc.identifier.issn	0312-8962	en_US
dc.identifier.uri	http://hdl.handle.net/10453/12895
dc.description.abstract	We investigate factors that motivate bidders to engage advisers, we model adviser selection and we test whether value-adding advisers gain market share. Our sample includes 801 attempted takeovers over 1989-1998 in Australia. Our results indicate advisers are likely to be engaged if the takeover deal is large, hostile, and includes non-cash compensation. We find deal completion is not as closely correlated with adviser rankings as does Rau (2000) but we confirm his finding that adviser ranked high on market value of deals advised do not have a comparative advantage in adding value to firms. However, we document some (limited) evidence that value- adding advisers achieve an increase in subsequent deal flow. Our results are consistent with specialization among takeover advisers.	en_US
dc.publisher	Australian Graduate School of Management	en_US
dc.relation.ispartof	Australian Journal of Management	en_US
dc.title	Competition in the market for takeover advisers	en_US
dc.type	Journal Article
utslib.citation.volume	Special	en_US
utslib.citation.volume	29	en_US
utslib.for	1503 Business and Management	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	15 Commerce, Management, Tourism and Services	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	open_access
pubs.consider-herdc	false	en_US
pubs.issue	Special	en_US
pubs.volume	29	en_US

Abstract:

We investigate factors that motivate bidders to engage advisers, we model adviser selection and we test whether value-adding advisers gain market share. Our sample includes 801 attempted takeovers over 1989-1998 in Australia. Our results indicate advisers are likely to be engaged if the takeover deal is large, hostile, and includes non-cash compensation. We find deal completion is not as closely correlated with adviser rankings as does Rau (2000) but we confirm his finding that adviser ranked high on market value of deals advised do not have a comparative advantage in adding value to firms. However, we document some (limited) evidence that value- adding advisers achieve an increase in subsequent deal flow. Our results are consistent with specialization among takeover advisers.

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http://hdl.handle.net/10453/12895