How Much Does Your Banker’s Target-Specific Experience Matter? Evidence from Target IPO Underwriters that Advise Acquirers

IF 1.5 4区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Services Research Pub Date : 2019-10-03 DOI:10.2139/SSRN.2889506

Richard Herron

引用次数: 0

Abstract

In a sample of 1,507 US all-public acquisitions from 1985–2014, 5% of acquirers use the same advisor that underwrote the target’s initial public offering. Acquirers who use these informed advisors have acquisition announcement three-day cumulative abnormal returns (CARs) that are 2.048 percentage points higher, all else equal. Same-advisor acquisition announcements have higher combined CARs but not lower target CARs, suggesting higher synergies instead of lower deal premia. Same-advisor acquisition announcement outperformance decays as the target ages and grows. These findings show the value and timeliness of investment bank information production, retention, and transfer.

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你的银行家的目标特定经验有多重要？为收购方提供建议的目标IPO承销商提供的证据

在1985年至2014年的1507宗美国全公开收购的样本中，5%的收购者使用了为目标公司首次公开发行(ipo)承销的同一家顾问公司。在其他条件相同的情况下，使用这些消息灵通的顾问的收购方，其收购公告的三天累计异常回报率(CARs)高出2.048个百分点。同一顾问收购公告的合并car值较高，但目标car值不低，这表明协同效应较高，而不是交易溢价较低。同店顾问收购公告的表现会随着目标公司的年龄增长而下降。这些发现显示了投资银行信息生产、保留和传递的价值和及时性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Services Research BUSINESS, FINANCE-

CiteScore

3.00

自引率

7.10%

发文量

期刊介绍： The Journal of Financial Services Research publishes high quality empirical and theoretical research on the demand, supply, regulation, and pricing of financial services. Financial services are broadly defined to include banking, risk management, capital markets, mutual funds, insurance, venture capital, consumer and corporate finance, and the technologies used to produce, distribute, and regulate these services. Macro-financial policy issues, including comparative financial systems, the globalization of financial services, and the impact of these phenomena on economic growth and financial stability, are also within the JFSR’s scope of interest. The Journal seeks to promote research that enriches the profession’s understanding of financial services industries, to elevate industry and product efficiencies, as well as to inform the debate and promote the formulation of sound public policies. Officially cited as: J Financ Serv Res