Central Hub M&A Advisors

نویسندگان

چکیده

Abstract We examine how an M&A advisor’s position in the network of investment banks affects its ability to create value for acquirers takeover transactions. show that enlisting services more centrally positioned advisors enjoy higher announcement abnormal returns and pay lower premiums. Consistent with idea central positions convey information advantage, we find effects are stronger facing greater target asymmetry depending on networks target-specific information. The advantage primarily comes from contacts had previously assisted targets equity issuance. Centrally charge premium fees; appear a significant competition future co-advisory appointments.

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ژورنال

عنوان ژورنال: Review of Finance

سال: 2021

ISSN: ['1875-824X', '1572-3097']

DOI: https://doi.org/10.1093/rof/rfaa043