دانلود مقاله ISI انگلیسی شماره 9199
ترجمه فارسی عنوان مقاله

نقش بانک های سرمایه گذاری در ادغام و اکتساب معاملات: هزینه ها و خدمات

عنوان انگلیسی
The role of investment banks in M&A transactions: Fees and services
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
9199 2008 31 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 16, Issue 4, September 2008, Pages 341–369

ترجمه کلمات کلیدی
بانک های سرمایه گذاری - حق کیفیت - هزینه های مشاوره - مناقصه های سهام
کلمات کلیدی انگلیسی
پیش نمایش مقاله
پیش نمایش مقاله  نقش بانک های سرمایه گذاری در ادغام و اکتساب معاملات: هزینه ها و خدمات

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.