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

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2019-10-03 DOI:10.2139/SSRN.2889506

Richard Herron

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引用次数: 0

摘要

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

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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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.