In a sample of 1,507 US all-public acquisitions from 1985–2014, 5% of acquirers use the same advisor that underwrote the target’s initial public offering. Acquirers who use these informed advisors have acquisition announcement three-day cumulative abnormal returns (CARs) that are 2.048 percentage points higher, all else equal. Same-advisor acquisition announcements have higher combined CARs but not lower target CARs, suggesting higher synergies instead of lower deal premia. Same-advisor acquisition announcement outperformance decays as the target ages and grows. These findings show the value and timeliness of investment bank information production, retention, and transfer.

中文翻译：

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您的银行家的特定目标经验有多重要？目标 IPO 承销商为收购方提供建议的证据

在 1985 年至 2014 年间 1,507 次美国全公开收购的样本中，5% 的收购者使用与承销目标公司首次公开募股的顾问相同的顾问。使用这些知情顾问的收购方有收购公告，为期三天的累积异常回报 (CAR) 高出 2.048 个百分点，其他条件相同。同一顾问收购公告的综合资本充足率较高，但目标资本充足率并没有降低，这表明协同效应更高，而不是交易溢价更低。随着目标的老化和增长，同一顾问收购公告的表现会减弱。这些发现显示了投资银行信息生产、保留和转移的价值和及时性。