The Role of Investment Banker Directors in M&A
The Role of Investment Banker Directors in M&A
The Role of Investment Banker Directors in M&A
directors in M&A
group 9
Motivation
This paper
debate
Director with IB(investment banking) experience
improve the acquisition making process
new
vs
Other
IB director is associated with worse acquisition
purpose
Associate
Analyst
Why ib director is important?
fraudulent
Amending increase
financial
the law firms’ cost
activity
Introduce table
Desciptive statistics
(table 1-5)
Empirical result
(table 6-8)
more
Table 2
REVIEW
Review Baur(2012)
How to avoid the financial crisis?
Short Long
Table3
Table 4
y1 = present of Ib directors and acquisition activities
control
dummy
Table 5
IB Directors and the Acquirer
Announcement Returns
Acquisition Sample
4.2. Acquirer announcement returns
Ib directors with potential conflicts of
interest?
Conjecture : conjecture that the con-current affiliation represents a conflict of
interest.
Author's view: we caution drawing strong inferences due to the limited sample
size.
When are IB directors most valuable?
Long-run buy-and-hold abnormal
returns
Source of the value gain
table10
Acquirer advisory fees