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Advisor reputation and bidder announcement returns in mergers and acquisitions

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Luotonen, Niilo
dc.contributor.author Aaltonen, Ville
dc.date.accessioned 2021-01-24T17:01:47Z
dc.date.available 2021-01-24T17:01:47Z
dc.date.issued 2020
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/101999
dc.description.abstract I examine the effect of bidder advisor reputation on bidder announcement returns in M&A using a sample of 2 244 European transactions announced between 1995 and 2019. Consistent with Schiereck, Sigl-Grüb and Unverhau (2009), I do not find evidence of bidders with reputable advisors experiencing higher announcement returns. Additionally, I examine the effect of bidder advisors’ industry-specific reputation on bidder announcement returns. I do not find consistent evidence of higher announcement returns to bidders that hire advisors with industry-specific reputation. While a statistically significant increase of 0.010 in bidder cumulative abnormal returns can be found in a 1995-2012 subsample, this effect is not present in later periods. My results are robust to different event windows and variable definitions. en
dc.format.extent 26+5
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title Advisor reputation and bidder announcement returns in mergers and acquisitions en
dc.type G1 Kandidaatintyö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword announcement returns en
dc.subject.keyword financial advisor en
dc.subject.keyword investment bank services en
dc.subject.keyword M&A en
dc.subject.keyword quality en
dc.subject.keyword reputation en
dc.subject.keyword industry-specific en
dc.subject.keyword European bidders en
dc.identifier.urn URN:NBN:fi:aalto-202101241309
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Rahoitus en

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