An Evaluation of Investment Banker Acquisition Advice: The Shareholders' Perspective
通过分析目标公司和收购公司的累计异常收益率，评估了七家投资银行在并购建议中的表现，发现Drexel的客户支付更低的溢价，而First Boston的客户在公告期表现最差。
This paper studies the performance of Drexel Burnham Lambert, First Boston, Goldman Sachs, Morgan Stanley, Salomon Brothers, Shearson Lehman Brothers, and a set of investment bankers in providing merger advice. By determining CARs of target firms, it investigates premiums paid by investment bank clients. To assess the benefit of the acquisition to the acquirer, CARs of acquiring firms are also assessed. The results indicate that Drexel clients pay smaller premiums to acquire their targets than clients of the other investment banks investigated. The results also indicate that the performance of First Boston clients in the period surrounding a merger announcement is dominated by all other investment banks in the sample.