法律顾问如何影响并购：来自高科技行业的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-03-05 DOI:10.1016/j.iref.2025.103980

Ruoqi Li , Xingzi Ren

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引用次数: 0

摘要

本文以1985-2023年高科技行业8509宗并购交易为样本，研究了顶级法律顾问与并购之间的关系。我们发现，在聘请顶级法律顾问时，收购方从交易中获得的回报明显较低，3天窗口期和5天窗口期的回报率分别为- 2.14%和- 2.16%。为了解决潜在的自我选择偏差，我们采用了两阶段残差包含（2SRI）和倾向评分匹配（PSM）方法，证实了这些发现的稳健性。尽管短期市场反应不利，但顶级法律顾问与积极的长期异常回报有关，在管理交易复杂性、增强谈判能力和降低交易溢价方面至关重要。在提高交易完成率的同时，他们的参与也延长了交易完成时间。这些发现突出了顶级法律顾问在高科技并购交易中的战略作用。

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How legal advisors affect mergers and acquisitions: Evidence from high tech industries

This paper investigates the relationship between top-tier legal advisors and M&As using the sample of 8509 M&A deals during 1985–2023 in the high-tech industries. We find that acquirers experience significantly lower returns from the deal when hiring top-tier legal advisors, with −2.14% for the 3-day window and −2.16% for the 5-day window, respectively. To address potential self-selection bias, we employ two-stage residual inclusion (2SRI) and propensity score matching (PSM) methods, confirming the robustness of these findings. Despite unfavorable short-term market reactions, top-tier legal advisors are associated with positive long-term abnormal returns and are critical in managing deal complexity, enhancing negotiation power, and lowering deal premiums. While they improve deal completion rates, their involvement also extends completion times. These findings highlight the strategic role of top-tier legal advisors in high-tech M&A transactions.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.