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Acquisition premiums when investment banks invest their own money in the deals they advise and when they do not: Evidence from acquisitions of assets in the UK

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  • Stouraitis, Aris

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  • Stouraitis, Aris, 2003. "Acquisition premiums when investment banks invest their own money in the deals they advise and when they do not: Evidence from acquisitions of assets in the UK," Journal of Banking & Finance, Elsevier, vol. 27(10), pages 1917-1934, October.
    • Handle: RePEc:eee:jbfina:v:27:y:2003:i:10:p:1917-1934
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    1. Raghavendra Rau, P., 2000. "Investment bank market share, contingent fee payments, and the performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 56(2), pages 293-324, May.
    2. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    3. Berger, Philip G. & Ofek, Eli & Swary, Itzhak, 1996. "Investor valuation of the abandonment option," Journal of Financial Economics, Elsevier, vol. 42(2), pages 257-287, October.
    4. Barth, Mary E. & Beaver, William H. & Landsman, Wayne R., 1998. "Relative valuation roles of equity book value and net income as a function of financial health," Journal of Accounting and Economics, Elsevier, vol. 25(1), pages 1-34, February.
    5. Servaes, Henri & Zenner, Marc, 1996. "The Role of Investment Banks in Acquisitions," Review of Financial Studies, Society for Financial Studies, vol. 9(3), pages 787-815.
    6. McLaughlin, Robyn M., 1992. "Does the form of compensation matter? *1: Investment banker fee contracts in tender offers," Journal of Financial Economics, Elsevier, vol. 32(2), pages 223-260, October.
    7. Hite, Gailen L & Vetsuypens, Michael R, 1989. " Management Buyouts of Divisions and Shareholder Wealth," Journal of Finance, American Finance Association, vol. 44(4), pages 953-970, September.
    8. Collins, Daniel W. & Maydew, Edward L. & Weiss, Ira S., 1997. "Changes in the value-relevance of earnings and book values over the past forty years," Journal of Accounting and Economics, Elsevier, vol. 24(1), pages 39-67, December.
    9. Travlos, Nickolaos G, 1987. "Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns," Journal of Finance, American Finance Association, vol. 42(4), pages 943-963, September.
    10. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    11. McLaughlin, Robyn M., 1990. "Investment-banking contracts in tender offers : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 28(1-2), pages 209-232.
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    Cited by:

    1. Lu, Zhengfei & Zhu, Jigao & Zhang, Weining, 2012. "Bank discrimination, holding bank ownership, and economic consequences: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 341-354.
    2. Anna Bedford & Martin Bugeja & Matthew Grosse, 2021. "The choice of financial advisory and independent expert services in takeovers: evidence in a setting where the services are independent," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3649-3683, June.
    3. Anup Agrawal & Tommy Cooper & Qin Lian & Qiming Wang, 2013. "Common Advisers in Mergers and Acquisitions: Determinants and Consequences," Journal of Law and Economics, University of Chicago Press, vol. 56(3), pages 691-740.
    4. Cheung, Yan-Leung & Qi, Yuehua & Raghavendra Rau, P. & Stouraitis, Aris, 2009. "Buy high, sell low: How listed firms price asset transfers in related party transactions," Journal of Banking & Finance, Elsevier, vol. 33(5), pages 914-924, May.
    5. Angélica María Sánchez-Riofrío & Luis Ángel Guerras-Martín & Francisco Javier Forcadell, 2015. "Business portfolio restructuring: a comprehensive bibliometric review," Scientometrics, Springer;Akadémiai Kiadó, vol. 102(3), pages 1921-1950, March.
    6. Ali Ataullah & Ian Davidson & Hang Le, 2010. "Large Shareholders, the Board of Directors and the Allocation of Cash Proceeds from Corporate Asset Sell†offs," European Financial Management, European Financial Management Association, vol. 16(2), pages 271-295, March.
    7. Wang, Weishen & Whyte, Ann Marie, 2010. "Managerial rights, use of investment banks, and the wealth effects for acquiring firms' shareholders," Journal of Banking & Finance, Elsevier, vol. 34(1), pages 44-54, January.
    8. Qingzhong Ma, 2013. "Investment banks advising takeover targets," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(3), pages 339-374, July.
    9. Benou, Georgina & Madura, Jeff & Ngo, Thanh, 2008. "Wealth creation from high-tech divestitures," The Quarterly Review of Economics and Finance, Elsevier, vol. 48(3), pages 505-519, August.
    10. Ilias Anthopoulos & Christos N.Pitelis, "undated". "The Nature, Performance, Economic Impact and Regulation of Investment Banking," Working papers wpaper137, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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