EAM 2019 Proceedings »
An Examination of Bankers' Fees in Acquisition Transactions
The use of experts such as investment bankers and legal advisors on acquisition transactions has steadily increased (Source: Securities Data Corp). This study investigates whether bankers’ fees influence acquirers’ abnormal returns surrounding acquisition announcement. The study examines a sample of 531 full-ownership acquisitions completed between January 1, 1988 and December 31, 1998.