Financial Advisor Reputation and Value Creation in M&As - Evidence from the Scandinavian Market
(2016) BUSN89 20161Department of Business Administration
- Abstract
- In contrast to previous studies, we show a significant positive effect of
financial advisor reputation on cumulative abnormal returns. In M&As
completed in Scandinavia between 2000 and 2015, top-tier advisors
create 1.32% higher abnormal returns to the acquiring firms’
shareholders. Top-tier advisors are also associated with longer time to
completion, indicating that they are more thorough in the acquisition
process to ensure value creation. The results remain significant after
controlling for acquirer and deal characteristic shown to influence
acquirer returns.
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/8887443
- author
- Esbjörnsson, Emil LU and Lövstrand, Johan LU
- supervisor
- organization
- course
- BUSN89 20161
- year
- 2016
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- Financial Advisor, Mergers and Acquisitions, Scandinavia, Reputation, Top-Tier, Cumulative Abnormal Returns, Value Creation
- language
- English
- id
- 8887443
- date added to LUP
- 2016-08-22 12:43:23
- date last changed
- 2016-08-22 12:43:23
@misc{8887443, abstract = {{In contrast to previous studies, we show a significant positive effect of financial advisor reputation on cumulative abnormal returns. In M&As completed in Scandinavia between 2000 and 2015, top-tier advisors create 1.32% higher abnormal returns to the acquiring firms’ shareholders. Top-tier advisors are also associated with longer time to completion, indicating that they are more thorough in the acquisition process to ensure value creation. The results remain significant after controlling for acquirer and deal characteristic shown to influence acquirer returns.}}, author = {{Esbjörnsson, Emil and Lövstrand, Johan}}, language = {{eng}}, note = {{Student Paper}}, title = {{Financial Advisor Reputation and Value Creation in M&As - Evidence from the Scandinavian Market}}, year = {{2016}}, }