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Warum beauftragen deutsche Käuferunternehmen Investmentbanken bei der Durchführung ihrer M&A-Transaktionen?

Author

Listed:
  • Derick Beitel

    (Universität Witten/Herdecke)

  • Christoph J. Börner

    (Heinrich-Heine Universität Düsseldorf)

  • Dirk Schiereck

    (European Business School in Oestrich-Winkel)

Abstract

Summary The M&A-market has grown rapidly in Germany in the nineties. Therefore M&A-consultancy got more and more important. However, little empirical research has been done to analyze the role investment banks play in the German market. The paper studies in which way M&A-transactions differ if they are performed with or without the guidance of an investment bank. Moreover it is studied which impact the reputation of investment banks has for the design of the transactions. In addition it is analysed which factors drive the mandating of investment banks by buyers. The results provide an indication of the importance of transactions costs and of the role of information asymmetries.

Suggested Citation

  • Derick Beitel & Christoph J. Börner & Dirk Schiereck, 2005. "Warum beauftragen deutsche Käuferunternehmen Investmentbanken bei der Durchführung ihrer M&A-Transaktionen?," Schmalenbach Journal of Business Research, Springer, vol. 57(4), pages 283-309, June.
    • Handle: RePEc:spr:sjobre:v:57:y:2005:i:4:d:10.1007_bf03372767
    DOI: 10.1007/BF03372767
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    References listed on IDEAS

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    More about this item

    Keywords

    G24; G34;

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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