Do boutique investment banks have the Midas touch? Evidence from M&As
研究发现，在并购中聘请精品投行的收购方比聘请全能投行的收购方获得更高的短期和长期超额回报，尤其在私有交易、跨行业并购和缺乏经验的收购方中更为显著。
Abstract We study whether the meteoric rise of boutique advisors in mergers and acquisitions (M&As) is justified by their buy‐side performance. We find that acquiring firms represented by boutique advisors generate superior short‐ and long‐run abnormal returns over those employing full‐service advisors. This effect is mainly prominent in private deals, interindustry mergers, and deals involving inexperienced acquirers, where valuation uncertainty tends to be higher. Overall, our results reflect that acquirer shareholders benefit from boutique investment banks' high level of industry expertise and independent advice, supporting the rising demand for their financial advisory services.