Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions
研究发现，投资银行先前客户的并购业绩显著影响其被未来收购方选为顾问的概率及市场份额变化，且收购方公告并购时的股价变动与顾问股价变动正相关，表明市场机制有助于协调双方利益。
Contrary to earlier studies, we find that prior client performance is a significant determinant of the likelihood that an investment bank will be chosen as the advisor by future acquirers and of the changes through time in banks' shares of the advisory business. Further, the changes in the market values of acquirers at the announcement of acquisition attempts are positively correlated with contemporaneous changes in the market values of their advisors. Two implications arise: (1) acquirers consider advisors' prior client performance when choosing their advisors and (2) market forces work to align advisors' and clients' interests in the acquisition market.