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EnglishA dual role advisor is an investment bank that is advising the vendor client in an M&A transaction while simultaneously financing the bidder. I investigate whether dual role advising is good or bad for target shareholders through a comprehensive analysis of U.S. public M&A over the 15-year period from 1993 to 2008. Conflicts of interest are manifested through that deals which involve a dual role advisor are, compared to deals with no dual role advisors; (a) performed at lower premium, (b) more likely to be subject to a lawsuit, (c) feature lower merger advisor fees and (d) commensurate with higher announcement returns for bidders. Target firms with sound corporate governance practices are less likely to encounter dual role situations.
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| Titolo: | Dual role advisors and conflicts of interest | |
| Data di pubblicazione: | 2011 | |
| Autori: | ||
| Autori: | Siming, Per Linus | |
| Rivista: | CORPORATE OWNERSHIP & CONTROL | |
| Abstract: | A dual role advisor is an investment bank that is advising the vendor client in an M&A transaction while simultaneously financing the bidder. I investigate whether dual role advising is good or bad for target shareholders through a comprehensive analysis of U.S. public M&A over the 15-year period from 1993 to 2008. Conflicts of interest are manifested through that deals which involve a dual role advisor are, compared to deals with no dual role advisors; (a) performed at lower premium, (b) more likely to be subject to a lawsuit, (c) feature lower merger advisor fees and (d) commensurate with higher announcement returns for bidders. Target firms with sound corporate governance practices are less likely to encounter dual role situations. | |
| Digital Object Identifier (DOI): | http://dx.doi.org/10.22495/cocv8i3p4 | |
| Appare nelle tipologie: | 01 - Article in academic journal / Articolo su rivista scientifica |
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