Economic Shocks, M&A Advisors, and Industry Takeover Activity
The paper examines the role of M&A advisors in propagating takeover activity following economic shocks. We posit that M&A advisors play a significant role in promoting aggregate merger activity in the wake of an industry shock. The empirical results support this proposition by demonstrating a significant, positive relationship between the presence of M&A advisors and industry takeover activity. The interactions between M&A advisors and industry-shocks are significantly, positively correlated with industry M&As, confirming the hypothesis that M&A advisors play a pivotal role in contributing to merger activity following economic shocks. The results are robust to endogeneity controls, and alternative explanations
Year of publication: |
[2023]
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Authors: | Feng, Yun ; Liu, Chelsea ; Yawson, Alfred |
Publisher: |
[S.l.] : SSRN |
Saved in:
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