Can rainmakers justify their pay? The role of investment banks in REIT M&As
Abstract
This study explicitly rejects the prima facie proposition that the top-tier investment banks are capable of delivering supernormal value creation to the shareholders of a REIT acquirer in a corporate acquisition. Using the event study method, we find that REIT acquirers advised by market-leading investment banks suffer an average cumulative abnormal return of −4.41% following the M&A announcement, whereas REIT acquirers advised by non-top-tier investment banks only suffer an average cumulative abnormal return of −1.49%. The evidence shows that the contemporary practice of employing investment banks based on the prestige of the advisory firms could potentially result in value-destroying M&As for the REIT acquirers.
Keyword : Real Estate Investment Trust (REIT), mergers and acquisitions, financial advisor, investment bank, event study
How to Cite
Zhang, W., Sun, T., Goh, P. H. L., Wang, Z., & Mansley, N. (2021). Can rainmakers justify their pay? The role of investment banks in REIT M&As. International Journal of Strategic Property Management, 25(4), 254-266. https://doi.org/10.3846/ijspm.2021.14883
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Allen, P., & Sirmans, C. (1987). An analysis of gains to acquiring firm’s shareholders. Journal of Financial Economics, 18(1), 175–184. https://doi.org/10.1016/0304-405X(87)90067-5
Ambrose, B., Highfield, M., & Linneman, P. (2005). Real estate and economies of scale: the case of REITs. Real Estate Economics, 33(2), 323–350. https://doi.org/10.1111/j.1540-6229.2005.00121.x
Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103–120. https://doi.org/10.1257/jep.15.2.103
Asquith, P., Bruner, R., & Mullins, D. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11(1–4), 121–139. https://doi.org/10.1016/0304-405X(83)90007-7
Bao, J., & Edmans, A. (2011). Do investment banks matter for M&A returns? Review of Financial Studies, 24(7), 2286–2315. https://doi.org/10.1093/rfs/hhr014
Bauer, R., Eichholtz, P., & Kok, N. (2010). Corporate governance and performance: the REIT effect. Real Estate Economics, 38(1), 1–29.
https://doi.org/10.1111/j.1540-6229.2009.00252.x
Bowers, H., & Miller, R. (1990). Choice of investment banker and shareholders’ wealth of firms involved in acquisitions.
Financial Management, 19(4), 34–44.
https://doi.org/10.2307/3665608
Bradley, M., Desai, A., & Kim, E. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3–40.
https://doi.org/10.1016/0304-405X(88)90030-X
Brealey, R., Myers, S., & Allen, F. (2008). Brealey, Myers, and Allen on valuation, capital structure, and agency issues*. Journal of Applied Corporate Finance, 20(4), 49–57. https://doi.org/10.1111/j.1745-6622.2008.00203.x
Brown, S., & Warner, J. (1985). Using daily stock returns. Journal of Financial Economics, 14(1), 3–31.
https://doi.org/10.1016/0304-405X(85)90042-X
Campbell, J., Lo, A., MacKinlay, A., & Whitelaw, R. (1998). The econometrics of financial markets. Macroeconomic Dynamics, 2(4), 559–562. https://doi.org/10.1017/S1365100598009092
Campbell, R., Ghosh, C., & Sirmans, C. (2001). The information content of method of payment in mergers: evidence from real estate investment trusts (REITs). Real Estate Economics, 29(3),
361–387. https://doi.org/10.1111/1080-8620.00015
Campbell, R., Ghosh, C., Petrova, M., & Sirmans, C. (2011). Corporate governance and performance in the market for corporate control: the case of REITs. Journal of Real Estate Finance and Economics, 42(4), 451–480.
ttps://doi.org/10.1007/s11146-009-9202-2
Campbell, R., Giambona, E., & Sirmans, C. (2007). The longhorizon performance of REIT mergers. Journal of Real Estate Finance and Economics, 38(2), 105–114.
https://doi.org/10.1007/s11146-007-9085-z
Chang, S. (1998). Takeovers of privately held targets, methods of payment, and bidder returns. The Journal of Finance, 53(2), 773–784. https://doi.org/10.1111/0022-1082.315138
Chemmanur, T., & Fulghieri, P. (1994). Investment bank reputation, information production, and financial intermediation. The Journal of Finance, 49(1), 57–79.
https://doi.org/10.1111/j.1540-6261.1994.tb04420.x
da Silva Rosa, R., Lee, P., Skott, M., & Walter, T. (2004). Competition in the market for takeover advisers. Australian Journal of Management, 29(Suppl. 1), 61–92.
https://doi.org/10.1177/031289620402901S03
Daniels, K., & Phillips, R. (2007). The valuation impact of financial advisors: an empirical analysis of REIT mergers and acquisitions. Journal of Real Estate Research, 29(1), 57–74. https://doi.org/10.1080/10835547.2007.12091189
Derrien, F., & Dessaint, O. (2018). The effects of investment bank rankings: evidence from M&A league tables. Review of Finance, 22(4), 1375–1411. https://doi.org/10.1093/rof/rfx056
Dong, M., Hirshleifer, D., Richardson, S., & Teoh, S. (2006). Does investor misvaluation drive the takeover market? The Journal of Finance, 61(2), 725–762. https://doi.org/10.1111/j.1540-6261.2006.00853.x
Eckbo, B. E., Giammarino, R. M., & Heinkel, R. L. (1990). Asymmetric information and the medium of exchange in takeovers: theory and tests. Review of Financial Studies, 3(4), 651–675. https://doi.org/10.1093/rfs/3.4.651
Eichholtz, P., & Kok, N. (2008). How does the market for corporate control function for property companies? Journal of Real Estate Finance and Economics, 36(2), 141–163.
https://doi.org/10.1007/s11146-007-9061-7
Elayan, F., & Young, P. (1994). The value of control: evidence from full and partial acquisitions in the real estate industry. Journal of Real Estate Finance and Economics, 8(2), 167–182. https://doi.org/10.1007/BF01097036
Fang, L. (2005). Investment bank reputation and the price and quality of underwriting services. The Journal of Finance, 60(6), 2729–2761. https://doi.org/10.1111/j.1540-6261.2005.00815.x
Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell Us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763–1793. https://doi.org/10.1111/1540-6261.00477
Gande, A., Puri, M., & Saunders, A. (1999). Bank entry, competition, and the market for corporate securities underwriting. Journal of Financial Economics, 54(2), 165–195.
https://doi.org/10.1016/S0304-405X(99)00035-5
Gande, A., Puri, M., Saunders, A., & Walter, I. (1997). Bank underwriting of debt securities: modern evidence. The Review of Financial Studies, 10(4), 1175–1202.
https://doi.org/10.1093/rfs/10.4.1175
Gemici, K., & Lai, K. (2019). How ‘global’ are investment banks? An analysis of investment banking networks in Asian equity capital markets. Regional Studies, 54(2), 149–161.
https://doi.org/10.1080/00343404.2019.1584393
Glascock, L., Zhang, Y., & Zhou, T. (2018). A review and extension of merger and acquisition research between REITs and general corporations. Journal of Real Estate Literature, 26(2), 223–253. https://doi.org/10.1080/10835547.2018.12090484
Golubov, A., Petmezas, D., & Travlos, N. (2012). When it pays to pay your investment banker: new evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271–311. https://doi.org/10.1111/j.1540-6261.2011.01712.x
Guo, J., Li, Y., Wang, C., & Xing, X. (2020). The role of investment bankers in M&As: new evidence on acquirers’ financial conditions. Journal of Banking & Finance, 119, 105298. https://doi.org/10.1016/j.jbankfin.2018.02.004
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153–161. https://doi.org/10.2307/1912352
Hunter, W., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65–81. https://doi.org/10.1016/S1058-3300(03)00007-7
Ismail, A. (2010). Are good financial advisors really good? The performance of investment banks in the M&A market. Review of Quantitative Finance and Accounting, 35(4), 411–429. https://doi.org/10.1007/s11156-009-0155-6
Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
https://doi.org/10.1016/0304-405X(76)90026-X
Kale, J., Kini, O., & Ryan, H. (2003). Financial advisors and shareholder wealth gains in corporate takeovers. The Journal of Financial and Quantitative Analysis, 38(3), 475–501. https://doi.org/10.2307/4126728
Kothari, S., & Warner, J. (2007). The econometrics of event studies. In B. E. Eckbo (Ed.), Handbook of corporate finance: empirical corporate finance (Vol. 1, chapter 1, pp. 3–36). Elsevier/ North-Holland.
Lessambo, F. (2019). The U.S. banking system. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-34792-5
Li, J., Elayan, F., & Meyer, T. (2001). Acquisitions by real estate investment trusts as a strategy for minimization of investor tax liability. Journal of Economics and Finance, 25(1), 115–134. https://doi.org/10.1007/BF02759690
Liaw, K. (2013). The business of investment banking. Wiley. https://doi.org/10.1002/9781119202332
Ling, D., & Petrova, M. (2011). Why do REITs go private? Differences in target characteristics, acquirer motivations, and wealth effects in public and private acquisitions. Journal of Real Estate Finance and Economics, 43(1–2), 99–129.
https://doi.org/10.1007/s11146-010-9295-7
Manne, H. (1965). Mergers and the market for corporate control. Journal of Political Economy, 73(4), 351–351. https://doi.org/10.1086/259036
Mitchell, M., & Mulherin, J. (1996). The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics, 41(2), 193–229.
https://doi.org/10.1016/0304-405X(95)00860-H
Moeller, S., Schlingemann, F., & Stulz, R. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201–228. https://doi.org/10.1016/j.jfineco.2003.07.002
Morck, R., Shleifer, A., & Vishny, R. (1990). Do managerial objectives drive bad acquisitions? The Journal of Finance, 45(1), 31–48. https://doi.org/10.1111/j.1540-6261.1990.tb05079.x
Myers, S., & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Puri, M. (1996). Commercial banks in investment banking conflict of interest or certification role? Journal of Financial Economics, 40(3), 373–401. https://doi.org/10.1016/0304-405X(95)00855-9
Rau, P. (2000). Investment bank market share, contingent fee payments, and the performance of acquiring firms. Journal of Financial Economics, 56(2), 293–324.
https://doi.org/10.1016/S0304-405X(00)00042-8
Rau, P., & Rodgers, K. (2002). Do bidders hire top-tier investment banks to certify value? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.298172
Rhee, M., & Valdez, M. (2009). Contextual factors surrounding reputation damage with potential implications for reputation repair. Academy of Management Review, 34(1), 146–168. https://doi.org/10.5465/amr.2009.35713324
Sahin, O. F. (2005). The performance of acquisitions in the real estate investment trust industry. Journal of Real Estate Research, 27(1), 321–342.
https://doi.org/10.1080/10835547.2005.12091161
Servaes, H. (1991). Tobin’s Q and the gains from takeovers. The Journal of Finance, 46(1), 409–419. https://doi.org/10.1111/j.1540-6261.1991.tb03758.x
Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. Review of Financial Studies, 9(3), 787–815. https://doi.org/10.1093/rfs/9.3.787
Seth, A. (1990). Sources of value creation in acquisitions: an empirical investigation. Strategic Management Journal, 11(6), 431–446. https://doi.org/10.1002/smj.4250110603
Sha, Y. Z., Kang, C. L., & Wang, Z. L. (2020). Economic policy uncertainty and mergers and acquisitions: evidence from China. Economic Modelling, 89, 590–600.
https://doi.org/10.1016/j.econmod.2020.03.029
Shleifer, A., & Vishny, R. (1989). Management entrenchment. Journal of Financial Economics, 25(1), 123–139. https://doi.org/10.1016/0304-405X(89)90099-8
Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783.
https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Sibilkov, V., & McConnell, J. (2014). Prior client performance and the choice of investment bank advisors in corporate acquisitions. Review of Financial Studies, 27(8), 2474–2503. https://doi.org/10.1093/rfs/hhu031
Travlos, N. (1987). Corporate takeover bids, methods of payment, and bidding firms’ stock returns. The Journal of Finance, 42(4), 943–963.
https://doi.org/10.1111/j.1540-6261.1987.tb03921.x
Walter, T., Yawson, A., & Yeung, C. (2008). The role of investment banks in M&A transactions: fees and services. PacificBasin Finance Journal, 16(4), 341–369.
https://doi.org/10.1016/j.pacfin.2007.08.002
Womack, K. (2010). Real estate mergers: corporate control & shareholder wealth. Journal of Real Estate Finance and Economics, 44(4), 446–471. https://doi.org/10.1007/s11146-010-9251-6
Ambrose, B., Highfield, M., & Linneman, P. (2005). Real estate and economies of scale: the case of REITs. Real Estate Economics, 33(2), 323–350. https://doi.org/10.1111/j.1540-6229.2005.00121.x
Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103–120. https://doi.org/10.1257/jep.15.2.103
Asquith, P., Bruner, R., & Mullins, D. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11(1–4), 121–139. https://doi.org/10.1016/0304-405X(83)90007-7
Bao, J., & Edmans, A. (2011). Do investment banks matter for M&A returns? Review of Financial Studies, 24(7), 2286–2315. https://doi.org/10.1093/rfs/hhr014
Bauer, R., Eichholtz, P., & Kok, N. (2010). Corporate governance and performance: the REIT effect. Real Estate Economics, 38(1), 1–29.
https://doi.org/10.1111/j.1540-6229.2009.00252.x
Bowers, H., & Miller, R. (1990). Choice of investment banker and shareholders’ wealth of firms involved in acquisitions.
Financial Management, 19(4), 34–44.
https://doi.org/10.2307/3665608
Bradley, M., Desai, A., & Kim, E. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3–40.
https://doi.org/10.1016/0304-405X(88)90030-X
Brealey, R., Myers, S., & Allen, F. (2008). Brealey, Myers, and Allen on valuation, capital structure, and agency issues*. Journal of Applied Corporate Finance, 20(4), 49–57. https://doi.org/10.1111/j.1745-6622.2008.00203.x
Brown, S., & Warner, J. (1985). Using daily stock returns. Journal of Financial Economics, 14(1), 3–31.
https://doi.org/10.1016/0304-405X(85)90042-X
Campbell, J., Lo, A., MacKinlay, A., & Whitelaw, R. (1998). The econometrics of financial markets. Macroeconomic Dynamics, 2(4), 559–562. https://doi.org/10.1017/S1365100598009092
Campbell, R., Ghosh, C., & Sirmans, C. (2001). The information content of method of payment in mergers: evidence from real estate investment trusts (REITs). Real Estate Economics, 29(3),
361–387. https://doi.org/10.1111/1080-8620.00015
Campbell, R., Ghosh, C., Petrova, M., & Sirmans, C. (2011). Corporate governance and performance in the market for corporate control: the case of REITs. Journal of Real Estate Finance and Economics, 42(4), 451–480.
ttps://doi.org/10.1007/s11146-009-9202-2
Campbell, R., Giambona, E., & Sirmans, C. (2007). The longhorizon performance of REIT mergers. Journal of Real Estate Finance and Economics, 38(2), 105–114.
https://doi.org/10.1007/s11146-007-9085-z
Chang, S. (1998). Takeovers of privately held targets, methods of payment, and bidder returns. The Journal of Finance, 53(2), 773–784. https://doi.org/10.1111/0022-1082.315138
Chemmanur, T., & Fulghieri, P. (1994). Investment bank reputation, information production, and financial intermediation. The Journal of Finance, 49(1), 57–79.
https://doi.org/10.1111/j.1540-6261.1994.tb04420.x
da Silva Rosa, R., Lee, P., Skott, M., & Walter, T. (2004). Competition in the market for takeover advisers. Australian Journal of Management, 29(Suppl. 1), 61–92.
https://doi.org/10.1177/031289620402901S03
Daniels, K., & Phillips, R. (2007). The valuation impact of financial advisors: an empirical analysis of REIT mergers and acquisitions. Journal of Real Estate Research, 29(1), 57–74. https://doi.org/10.1080/10835547.2007.12091189
Derrien, F., & Dessaint, O. (2018). The effects of investment bank rankings: evidence from M&A league tables. Review of Finance, 22(4), 1375–1411. https://doi.org/10.1093/rof/rfx056
Dong, M., Hirshleifer, D., Richardson, S., & Teoh, S. (2006). Does investor misvaluation drive the takeover market? The Journal of Finance, 61(2), 725–762. https://doi.org/10.1111/j.1540-6261.2006.00853.x
Eckbo, B. E., Giammarino, R. M., & Heinkel, R. L. (1990). Asymmetric information and the medium of exchange in takeovers: theory and tests. Review of Financial Studies, 3(4), 651–675. https://doi.org/10.1093/rfs/3.4.651
Eichholtz, P., & Kok, N. (2008). How does the market for corporate control function for property companies? Journal of Real Estate Finance and Economics, 36(2), 141–163.
https://doi.org/10.1007/s11146-007-9061-7
Elayan, F., & Young, P. (1994). The value of control: evidence from full and partial acquisitions in the real estate industry. Journal of Real Estate Finance and Economics, 8(2), 167–182. https://doi.org/10.1007/BF01097036
Fang, L. (2005). Investment bank reputation and the price and quality of underwriting services. The Journal of Finance, 60(6), 2729–2761. https://doi.org/10.1111/j.1540-6261.2005.00815.x
Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell Us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763–1793. https://doi.org/10.1111/1540-6261.00477
Gande, A., Puri, M., & Saunders, A. (1999). Bank entry, competition, and the market for corporate securities underwriting. Journal of Financial Economics, 54(2), 165–195.
https://doi.org/10.1016/S0304-405X(99)00035-5
Gande, A., Puri, M., Saunders, A., & Walter, I. (1997). Bank underwriting of debt securities: modern evidence. The Review of Financial Studies, 10(4), 1175–1202.
https://doi.org/10.1093/rfs/10.4.1175
Gemici, K., & Lai, K. (2019). How ‘global’ are investment banks? An analysis of investment banking networks in Asian equity capital markets. Regional Studies, 54(2), 149–161.
https://doi.org/10.1080/00343404.2019.1584393
Glascock, L., Zhang, Y., & Zhou, T. (2018). A review and extension of merger and acquisition research between REITs and general corporations. Journal of Real Estate Literature, 26(2), 223–253. https://doi.org/10.1080/10835547.2018.12090484
Golubov, A., Petmezas, D., & Travlos, N. (2012). When it pays to pay your investment banker: new evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271–311. https://doi.org/10.1111/j.1540-6261.2011.01712.x
Guo, J., Li, Y., Wang, C., & Xing, X. (2020). The role of investment bankers in M&As: new evidence on acquirers’ financial conditions. Journal of Banking & Finance, 119, 105298. https://doi.org/10.1016/j.jbankfin.2018.02.004
Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), 153–161. https://doi.org/10.2307/1912352
Hunter, W., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65–81. https://doi.org/10.1016/S1058-3300(03)00007-7
Ismail, A. (2010). Are good financial advisors really good? The performance of investment banks in the M&A market. Review of Quantitative Finance and Accounting, 35(4), 411–429. https://doi.org/10.1007/s11156-009-0155-6
Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
https://doi.org/10.1016/0304-405X(76)90026-X
Kale, J., Kini, O., & Ryan, H. (2003). Financial advisors and shareholder wealth gains in corporate takeovers. The Journal of Financial and Quantitative Analysis, 38(3), 475–501. https://doi.org/10.2307/4126728
Kothari, S., & Warner, J. (2007). The econometrics of event studies. In B. E. Eckbo (Ed.), Handbook of corporate finance: empirical corporate finance (Vol. 1, chapter 1, pp. 3–36). Elsevier/ North-Holland.
Lessambo, F. (2019). The U.S. banking system. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-34792-5
Li, J., Elayan, F., & Meyer, T. (2001). Acquisitions by real estate investment trusts as a strategy for minimization of investor tax liability. Journal of Economics and Finance, 25(1), 115–134. https://doi.org/10.1007/BF02759690
Liaw, K. (2013). The business of investment banking. Wiley. https://doi.org/10.1002/9781119202332
Ling, D., & Petrova, M. (2011). Why do REITs go private? Differences in target characteristics, acquirer motivations, and wealth effects in public and private acquisitions. Journal of Real Estate Finance and Economics, 43(1–2), 99–129.
https://doi.org/10.1007/s11146-010-9295-7
Manne, H. (1965). Mergers and the market for corporate control. Journal of Political Economy, 73(4), 351–351. https://doi.org/10.1086/259036
Mitchell, M., & Mulherin, J. (1996). The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics, 41(2), 193–229.
https://doi.org/10.1016/0304-405X(95)00860-H
Moeller, S., Schlingemann, F., & Stulz, R. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201–228. https://doi.org/10.1016/j.jfineco.2003.07.002
Morck, R., Shleifer, A., & Vishny, R. (1990). Do managerial objectives drive bad acquisitions? The Journal of Finance, 45(1), 31–48. https://doi.org/10.1111/j.1540-6261.1990.tb05079.x
Myers, S., & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Puri, M. (1996). Commercial banks in investment banking conflict of interest or certification role? Journal of Financial Economics, 40(3), 373–401. https://doi.org/10.1016/0304-405X(95)00855-9
Rau, P. (2000). Investment bank market share, contingent fee payments, and the performance of acquiring firms. Journal of Financial Economics, 56(2), 293–324.
https://doi.org/10.1016/S0304-405X(00)00042-8
Rau, P., & Rodgers, K. (2002). Do bidders hire top-tier investment banks to certify value? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.298172
Rhee, M., & Valdez, M. (2009). Contextual factors surrounding reputation damage with potential implications for reputation repair. Academy of Management Review, 34(1), 146–168. https://doi.org/10.5465/amr.2009.35713324
Sahin, O. F. (2005). The performance of acquisitions in the real estate investment trust industry. Journal of Real Estate Research, 27(1), 321–342.
https://doi.org/10.1080/10835547.2005.12091161
Servaes, H. (1991). Tobin’s Q and the gains from takeovers. The Journal of Finance, 46(1), 409–419. https://doi.org/10.1111/j.1540-6261.1991.tb03758.x
Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. Review of Financial Studies, 9(3), 787–815. https://doi.org/10.1093/rfs/9.3.787
Seth, A. (1990). Sources of value creation in acquisitions: an empirical investigation. Strategic Management Journal, 11(6), 431–446. https://doi.org/10.1002/smj.4250110603
Sha, Y. Z., Kang, C. L., & Wang, Z. L. (2020). Economic policy uncertainty and mergers and acquisitions: evidence from China. Economic Modelling, 89, 590–600.
https://doi.org/10.1016/j.econmod.2020.03.029
Shleifer, A., & Vishny, R. (1989). Management entrenchment. Journal of Financial Economics, 25(1), 123–139. https://doi.org/10.1016/0304-405X(89)90099-8
Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783.
https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Sibilkov, V., & McConnell, J. (2014). Prior client performance and the choice of investment bank advisors in corporate acquisitions. Review of Financial Studies, 27(8), 2474–2503. https://doi.org/10.1093/rfs/hhu031
Travlos, N. (1987). Corporate takeover bids, methods of payment, and bidding firms’ stock returns. The Journal of Finance, 42(4), 943–963.
https://doi.org/10.1111/j.1540-6261.1987.tb03921.x
Walter, T., Yawson, A., & Yeung, C. (2008). The role of investment banks in M&A transactions: fees and services. PacificBasin Finance Journal, 16(4), 341–369.
https://doi.org/10.1016/j.pacfin.2007.08.002
Womack, K. (2010). Real estate mergers: corporate control & shareholder wealth. Journal of Real Estate Finance and Economics, 44(4), 446–471. https://doi.org/10.1007/s11146-010-9251-6