Expert Advice: Industry Expertise of M&A Advisors and Acquirer Shareholder Returns
研究发现，当收购方聘请在目标行业有更多经验的投资银行作为顾问时，股东回报更高，尤其在收购方难以评估目标时，这些银行帮助避免过度支付，从而获取更多交易协同效应。
Abstract We find that acquirers create higher shareholder returns when advised by investment banks with more experience in the target industry. This finding is stronger when acquirers face more difficulties understanding and evaluating the targets. Further analyses show that these banks help acquirers avoid overpaying for targets and thus capture more of the deal synergy rather than making deals generating higher synergy. Our results are robust to controlling for an exhaustive set of determinants of acquirer returns and an identification strategy that exploits exogenous shocks to the supply of investment banks with target-industry experience.