HIGHLIGHTS
SUMMARY
Being insiders of the M and amp;A market, financial acquirers are capable of completing the deals themselves, and external advisory services may become costly to financial acquirers, although external advisors may provide valuable services to the financial acquirers, just as the services they provide to nonfinancial acquirers. This finding indicates that, when the acquirer 17 of 21 relies on themselves and retains the advisory services in-house, both the acquirer and the target may receive a higher market return. Collectively, the authors find significant evidence that the acquirer and the target gains are . . .
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