The Role of Investment Banks in Acquisitions
比较了1981至1992年间有和没有投资银行顾问的收购，发现交易复杂性、类型、收购方经验及目标公司多元化程度影响是否使用投行，且投行使用与较低公告回报相关，但可由交易特征差异解释。
We compare acquisitions completed with and without investment bank advice over the 1981 to 1992 period. We find that the choice to use an investment bank depends on the complexity of the transaction, the type of transaction (takeovers versus acquisitions of assets), the acquiror's prior acquisition experience, and the degree of diversification of the target firm. Although acquisition announcement returns are lower for firms using investment banks, this difference can be explained by differences in transaction characteristics. These results suggest that transaction costs are the main determinant of investment banking choice, followed by contracting costs and asymmetric information costs.