"This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this … investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can … advisors to acquirers. In particular, the target earns higher abnormal returns when the target's own bank certifies the (more …

Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market … consistent with rising merger synergies that have become less bidder-specific …

an investment bank will be chosen as the advisor by future acquirers and that prior client performance is a significant …