Economic shocks, M&A advisors, and industry takeover activity
| dc.contributor.author | Feng, Y. | |
| dc.contributor.author | Liu, C. | |
| dc.contributor.author | Yawson, A. | |
| dc.date.issued | 2023 | |
| dc.description | Available online 18 September 2023 | |
| dc.description.abstract | The paper examines the role of M&A advisors in propagating takeover activity following economic shocks that affect industry conditions. M&A advisors constitute an important intermediary in the market for corporate control by enhancing M&A success at a transaction level. We posit that, at an industry level, M&A advisors also play a significant role in propagating aggregate merger activity in the wake of an industry shock. The empirical results show a positive, significant relationship between the presence of M&A advisors and industry takeover activity, and offer evidence supporting the incremental role of M&A advisors following industry shocks. The results are robust to empirical strategies aimed at alleviating endogeneity concerns, including using a legislative change as an exogenous shock to M&A advisors and exploring reverse causality. Our evidence offers novel insights on the collective role of M&A advisors in the takeover market. | |
| dc.description.statementofresponsibility | Yun Feng, Chelsea Liu, Alfred Yawson | |
| dc.identifier.citation | Pacific Basin Finance Journal, 2023; 82:102156-1-102156-27 | |
| dc.identifier.doi | 10.1016/j.pacfin.2023.102156 | |
| dc.identifier.issn | 0927-538X | |
| dc.identifier.issn | 1879-0585 | |
| dc.identifier.orcid | Liu, C. [0000-0002-7100-7360] | |
| dc.identifier.orcid | Yawson, A. [0000-0002-5000-7871] | |
| dc.identifier.uri | https://hdl.handle.net/2440/144560 | |
| dc.language.iso | en | |
| dc.publisher | Elsevier BV | |
| dc.rights | © 2023 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/). | |
| dc.source.uri | https://doi.org/10.1016/j.pacfin.2023.102156 | |
| dc.subject | Economic shocks | |
| dc.subject | Industry merger activity | |
| dc.subject | M&A advisors | |
| dc.title | Economic shocks, M&A advisors, and industry takeover activity | |
| dc.type | Journal article | |
| pubs.publication-status | Published |
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