We examine the role of equity underwriting relationships in subsequent mergers and acquisitions (M&As). Firms, either the bidders or targets, tend to choose their M&A advisors with prior equity underwriting relationships. Consistent with the cost-saving hypothesis, retaining their prior underwriters as future advisors is related to cost reduction in the M&A advisory. Firms also experience shorter deal duration if they hire relationship advisors. This study contributes to the further understanding of how firms derive value from investment bank relationships.

中文翻译：

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股权承销关系在并购中的作用

我们研究了股权承销关系在后续并购（M＆A）中的作用。投标人或目标公司都倾向于选择具有事先股票承销关系的并购顾问。与节省成本的假设一致，保留其先前的承销商作为未来的顾问与并购咨询中的成本降低有关。如果雇用关系顾问，公司的交易期限也会缩短。这项研究有助于进一步了解企业如何从投资银行关系中获取价值。