A combined firm's decision to hire the target's financial advisor after acquisition: Does “service excellence” pay off?

Debarati Bhattacharya, Shih Che Hsu, Wei Hsien Li, Chun Ting Liu

研究成果: 雜誌貢獻期刊論文同行評審

1 引文 斯高帕斯(Scopus)

摘要

This paper explores three reasons why after the completion of an M&A deal, the combined firm chooses to hire the target's financial advisor, with whom the acquiring firm has no prior relationship. We find that the likelihood of hiring the target's advisor improves when it provides superior service to the target, if it is a reputable investment bank or when the target's management is more likely to be retained by the combined firm. Our evidence suggests that the “service excellence” demonstrated by investment banks is valuable not only for enhancing their ongoing business relationships, but also for securing future business.

原文???core.languages.en_GB???
頁(從 - 到)297-302
頁數6
期刊Finance Research Letters
29
DOIs
出版狀態已出版 - 6月 2019

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