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Advisor role in mergers and acquisitions – Which bank to choose?
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School of Business |
Bachelor's thesis
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en
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17
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This study investigates whether European investment banks advising acquirers show differential fixed effects in relation to M&A announcement returns. Inconsistent with Bao and Edmans (2011), the results from the sample of 1,238 European deals do not provide statistically significant evidence on the difference in bank fixed effects. However, when measuring the distribution of the bank fixed effects against the number of deals, the findings suggest – if anything – that the frequent advisors tend to occupy either the middle or higher end of the range, which is consistent with existing evidence.