acquisitions, as these parties "learn-by-observing" information that spills-over from previous bank M&As. We find evidence … relatively new phenomenon in the late-1980s, with no best practices to inform bank managers and little information upon which … evidence that bank mergers create value. Furthermore, our finding that investors become more accurate pricers of new phenomena …

"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 …