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

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Show simple item record Walter, TS Yawson, A Yeung, CP 2010-05-28T09:54:10Z 2008-01
dc.identifier.citation Pacific-Basin Finance Journal, 2008, 16 pp. 341 - 369
dc.identifier.issn 0927-538X
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.
dc.publisher Elsevier
dc.title The role of investment banks in M&A transactions: Fees and services
dc.type Journal Article
dc.parent Pacific-Basin Finance Journal
dc.journal.volume 16
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 1502 Banking, Finance and Investment
dc.personcode 104692
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
dc.description.keywords Investment banks
dc.description.keywords Quality premium
dc.description.keywords Advisory fees
dc.description.keywords Stock bids
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Finance
utslib.copyright.status Closed Access 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)

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