The Business Of Investment Banking

Liaw, K. Thomas

doi:10.1002/9781119202332

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Cited by 10 publications

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“…However, in the robustness check, we also include Barclays and Lazard as the top-tier investment bank. 3 See, for example, Gemici and Lai (2019),Lessambo (2019) andLiaw (2013).…”

mentioning

confidence: 99%

CAN RAINMAKERS JUSTIFY THEIR PAY? THE ROLE OF INVESTMENT BANKS IN REIT M&AS

Zhang

Sun

Goh

et al. 2021

International Journal of Strategic Property Management

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This study explicitly rejects the prima facie proposition that the top-tier investment banks are capable of delivering supernormal value creation to the shareholders of a REIT acquirer in a corporate acquisition. Using the event study method, we find that REIT acquirers advised by market-leading investment banks suffer an average cumulative abnormal return of −4.41% following the M&A announcement, whereas REIT acquirers advised by non-top-tier investment banks only suffer an average cumulative abnormal return of −1.49%. The evidence shows that the contemporary practice of employing investment banks based on the prestige of the advisory firms could potentially result in value-destroying M&As for the REIT acquirers.

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“…However, in the robustness check, we also include Barclays and Lazard as the top-tier investment bank. 3 See, for example, Gemici and Lai (2019),Lessambo (2019) andLiaw (2013).…”

mentioning

confidence: 99%