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dc.contributor.authorAllen, Linda-
dc.contributor.authorJagtiani, Julapa-
dc.contributor.authorSaunders, Anthony-
dc.date.accessioned2008-05-27T13:01:01Z-
dc.date.available2008-05-27T13:01:01Z-
dc.date.issued2000-05-
dc.identifier.urihttp://hdl.handle.net/2451/26631-
dc.description.abstractThis paper looks at the role of commercial banks and investment banks as financial advisors. Unlike some areas of investment banking, commercial banks have always been allowed to compete directly with traditional investment banks in this area. In their role as lenders and advisors, banks can be viewed as serving a certification function. However, banks acting as both lenders and advisors face a potential conflict of interest that may mitigate or offset any certification effect. Overall, it is found that, in their merger and acquisition advisory function, the certification effect of commercial banks dominates the conflict of interest effect and that the certification effect is particularly strong when the target’s own bank advises merger targets.en
dc.language.isoen_USen
dc.relation.ispartofseriesFIN-00-007en
dc.subjectRelationship bankingen
dc.subjectinvestment bank advisorsen
dc.subjectcommercial bank advisorsen
dc.subjectcertification effect,en
dc.subjectconflict of interest effecten
dc.subjectmergersen
dc.subjectacquisitionsen
dc.titleThe Role of Bank Advisors in Mergers and Acquisitionsen
dc.typeWorking Paperen
Appears in Collections:Finance Working Papers

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