Competition in the market for takeover advisers

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Show simple item record Da Silva Rosa, R Lee, PJ Skott, M Walter, TS 2010-07-15T07:28:13Z 2004-01
dc.identifier.citation Australian Journal of Management, 2004, 29 (Special), pp. 61 - 92
dc.identifier.issn 0312-8962
dc.identifier.other C1UNSUBMIT en_US
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.
dc.publisher Australian Graduate School of Management
dc.relation.hasversion Accepted manuscript version en_US
dc.title Competition in the market for takeover advisers
dc.type Journal Article
dc.parent Australian Journal of Management
dc.journal.volume Special
dc.journal.volume 29
dc.journal.number Special en_US
dc.publocation Sydney, Australia en_US
dc.identifier.startpage 61 en_US
dc.identifier.endpage 92 en_US BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 1503 Business and Management
dc.for 1501 Accounting, Auditing and Accountability
dc.for 1502 Banking, Finance and Investment
dc.personcode 104692
dc.percentage 34 en_US Accounting, Auditing and Accountability 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 takeover advisers, mergers and acquisitions, adviser ranking en_US
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 Open Access 2015-04-15 12:23:47.074767+10
utslib.collection.history Finance (ID: 371)
utslib.collection.history General (ID: 2)

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