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首页> 外文期刊>Journal of banking & finance >The value-added role of industry specialist advisors in M&As
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The value-added role of industry specialist advisors in M&As

机译：行业专家顾问在并购中的增值作用

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摘要

This paper examines the value-added role of industry specialist advisors in M&As. We find that compared to non-industry specialists, advisors specializing in the target industry help acquirers garner higher announcement returns. However, there is no significant difference in acquirer returns between advisors specializing in the acquirer industry and non-industry specialists. The choice of a specialist advisor in the target industry benefits acquirers most when there is significant information asymmetry surrounding the targets. Moreover, the bulk of value creation comes from small- to medium-sized financial advisors, rather than large, top-tier investment banks. Finally, our results suggest that advisors specializing in the target industry add value mainly through their ability to help acquirers purchase targets at a lower price. (C)2017 Published by Elsevier B.V.
机译：本文探讨了行业专家顾问在并购中的增值作用。我们发现，与非行业专家相比，专注于目标行业的顾问可以帮助收购方获得更高的公告收益。但是，专门从事收购方行业的顾问与非行业专家之间的收购方收益没有显着差异。当目标周围存在明显的信息不对称时，在目标行业中选择专业顾问将使收购者受益最大。此外，价值创造的大部分来自中小型财务顾问，而不是大型的顶级投资银行。最后，我们的结果表明，专门从事目标行业的顾问主要通过帮助收购者以较低价格购买目标的能力来增加价值。 （C）2017由Elsevier B.V.发布

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