Warum beauftragen deutsche Käuferunternehmen Investmentbanken bei der Durchführung ihrer M&A-Transaktionen?

Derick Beitel (), Christoph J. Börner () and Dirk Schiereck ()
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Derick Beitel: Universität Witten/Herdecke
Christoph J. Börner: Heinrich-Heine Universität Düsseldorf
Dirk Schiereck: European Business School in Oestrich-Winkel

Schmalenbach Journal of Business Research, 2005, vol. 57, issue 4, 283-309

Abstract: Summary The M&A-market has grown rapidly in Germany in the nineties. Therefore M&A-consultancy got more and more important. However, little empirical research has been done to analyze the role investment banks play in the German market. The paper studies in which way M&A-transactions differ if they are performed with or without the guidance of an investment bank. Moreover it is studied which impact the reputation of investment banks has for the design of the transactions. In addition it is analysed which factors drive the mandating of investment banks by buyers. The results provide an indication of the importance of transactions costs and of the role of information asymmetries.

Keywords: G24; G34; Investment Banking; Investment Banks; Mergers & Acquisitions; M&A-Deals; Fusionen; Investmentbanken; Investment Banking; Mergers & Acquisitions; M&A-Transaktionen; Unternehmensübernahmen (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1007/BF03372767

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