Motivations and Consequences of Advisor Participation in Mergers and Acquisitions

Ermel, Marcelo Daniel Araújo; Martelanc, Roy

doi:10.1590/1982-7849rac2018170282

Marcelo Daniel Araújo Ermel Marcelo Daniel Araújo Ermel Av. 9 de Julho, 2029, 01313-902, Bela Vista, São Paulo, SP, Brasil. E-mail: ermel.marcelo@gmail.com

Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade, São Paulo, SP, Brasil

http://orcid.org/0000-0002-0988-2324

Roy Martelanc Roy Martelanc Av. Prof. Luciano Gualberto, 908, 05508-010, Butantã, São Paulo, SP, Brasil. E-mail: rmartela@usp.br

Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade, São Paulo, SP, Brasil

http://orcid.org/0000-0003-3220-8730

Autores

Marcelo Daniel Araújo Ermel Av. 9 de Julho, 2029, 01313-902, Bela Vista, São Paulo, SP, Brasil. E-mail: ermel.marcelo@gmail.com

Roy Martelanc Av. Prof. Luciano Gualberto, 908, 05508-010, Butantã, São Paulo, SP, Brasil. E-mail: rmartela@usp.br

Banco/Consultoria	#Negócios Completos	Valor Negócios ($ mi)	Categoria
Rothschild	56	42264,30864	c1
Banco Itaú as	186	41480,62635	b1
Credit Suisse	112	36594,61591	b1
JP MORGAN	74	35366,72918	b1
Citi	53	28676,12291	b1
Banco BTG Pactual SA	126	26677,59105	b1
Banco Santander SA	63	24611,20535	b1
Banco Bradesco as	128	23972,60128	b1
Morgan Stanley	55	23264,9807	b1
Goldman Sachs & Co	64	19652,26212	b1
Merril Lynch	47	17868,7517	b1
UBS Investment Bank	44	16144,19675	b1
ABN AMRO	42	11596,64088	b1
BR Partners	37	2699,86047	c1
KPMG	31	2031,3565	c1
PWC	39	1795,4842	c1

	Amostra Total			Advisors			In-house			Toptier
Variável	N	Média	Desv.Pad.	N	Média	Desv.Pad.	N	Média	Desv.Pad.	N	Média	Desv.Pad.
Valor Negócio	3268	240.2	1070	1062	538.9	1787	2206	96.37	308.3	612	729.8	2293
Completo	3268	0.75	0.43	1062	0.85	0.38	2206	0.70	0.46	612	0.83	0.38
Aberta	3268	0.43	0.45	1062	0.49	0.50	2206	0.40	0.49	612	0.47	0.50
Tempo	2444	72.10	167.5	903	111.9	194.3	1541	48.78	144.7	507	127.1	211.1
CapitalEstrangeiro	3268	0.18	0.39	1062	0.22	0.42	2206	0.17	0.37	612	0.19	0.39
Setor	3268	0.42	0.50	1062	0.39	0.49	2206	0.44	0.50	612	0.38	0.49
ExpGeral	3268	15.96	52.96	1062	15.94	50.50	2206	15.97	54.12	612	18.81	56.95
ExpSemBanco	3268	11.63	40.00	1062	10.10	38.04	2206	12.37	40.90	612	12.33	43.04
Mixednegócios	3268	0.54	0.50	1062	0.56	0.50	2206	0.53	0.50	612	0.54	0.50
AllCash	3268	0.42	0.49	1062	0.34	0.47	2206	0.46	0.50	612	0.36	0.48
AllStock	3268	0.04	0.20	1062	0.10	0.30	2206	0.02	0.13	612	0.11	0.31
AcqCertAsts	3268	0.00	0.035	1062	0.00	0.03	2206	0.00	0.04	612	0	0
AcqMajInt (AMI)	3268	0.19	0.39	1062	0.20	0.40	2206	0.19	0.39	612	0.19	0.39
AcqPartInt (API)	3268	0.21	0.41	1062	0.20	0.40	2206	0.21	0.41	612	0.20	0.40
AcqRemInt	3268	0.08	0.27	1062	0.11	0.32	2206	0.06	0.24	612	0.11	0.31
Acqofassets (AA)	3268	0.23	0.42	1062	0.19	0.40	2206	0.25	0.43	612	0.20	0.40
Acquisition	3268	0.00	0.06	1062	0	0	2206	0.01	0.08	612	0	0
Buyback	3268	0.09	0.28	1062	0.01	0.10	2206	0.12	0.33	612	0.01	0.11
Exchange Offerr	3268	0.00	0.017	1062	0	0	2206	0.00	0.02	612	0	0
Merger	3268	0.20	0.40	1062	0.28	0.45	2206	0.16	0.37	612	0.30	0.46
Recapitalizationn	3268	0.00	0.01	1062	0	0	2206	0.00	0.02	612	0	0

Variável	Sinal esperado	Fundamentação teórica	Referências
Acquirer Bank	Indefinido	Redução devido à expertise ou aumento devido a uma quantidade maior de diligências.	Hunter e Jagtiani (2003)Hunter, W. C., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65-81. https://doi.org/10.1016/S1058-3300(03)00007-7 https://doi.org/10.1016/S1058-3300(03)00... e Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
TopTierf	-	Maior eficiência e consequentemente um menor tempo.	Hunter e Jagtiani (2003)Hunter, W. C., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65-81. https://doi.org/10.1016/S1058-3300(03)00007-7 https://doi.org/10.1016/S1058-3300(03)00... e Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
TopTier BR	+	Menor tempo devido a um fator cultural.	Hunter e Jagtiani (2003)Hunter, W. C., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65-81. https://doi.org/10.1016/S1058-3300(03)00007-7 https://doi.org/10.1016/S1058-3300(03)00... e Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
ToptierEstrangeiro	-	Menor tempo devido a uma maior eficiência e expertise.	Hunter e Jagtiani (2003)Hunter, W. C., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65-81. https://doi.org/10.1016/S1058-3300(03)00007-7 https://doi.org/10.1016/S1058-3300(03)00... e Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnValor	+	Devido a uma maior complexidade, relevância e exposição, espera-se um maior tempo.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
CapitalEstrangeiro	+	Devido a barreiras culturais, espera-se um maior tempo de conclusão.	Erel, Liao e Weisbach (2012)Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082. https://doi.org/10.1111/j.1540-6261.2012.01741.x https://doi.org/10.1111/j.1540-6261.2012...
Setor	-	Espera-se um menor tempo de conclusão quando adquirente e adquirida atuem num mesmo setor. Devido a uma menor assimetria de informação.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnExpGeral	-	Espera-se que uma maior experiência em negócios diminua o tempo de conclusão devido ao ganho de aprendizado.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnExpSemBanco	-	Espera-se que uma maior experiência em negócios sem o acompanhamento de um advisor diminua o tempo de conclusão devido ao ganho de aprendizado.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
AllStock	+	Negócios pagos com ações têm uma maior complexidade devido à necessidade de avaliação e até emissão de novas ações, assim, espera-se que negócios pagos dessa forma demorem mais tempo.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
AllCash	-	Negócios pagos com caixa tem uma menor complexidade, assim, espera-se uma redução no tempo de conclusão.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnAt	+	Quão maior for o alvo, maior a complexidade e exposição do negócio, dessa forma, espera-se que quanto maior, maior seja o tempo de negociação.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	LnTempo	LnTempo	LnTempo	LnTempo	LnTempo	LnTempo	LnTempo	LnTempo

Advisor	0.292^* * = p <0.01	0.380^ = p<0.05
	(0.160)	(0.178)
Toptierf			0.165	0.188
			(0.142)	(0.153)
toptierbr					0.100	0.146
					(0.179)	(0.182)
toptierEstrangeiro							0.057	0.045
							(0.140)	(0.147)
LnValor	0.081^ = p<0.05	0.051	0.092^* ***** = p<0.10.	0.070^* * = p <0.01	0.104^* ***** = p<0.10.	0.085^ = p<0.05	0.101^* ***** = p<0.10.	0.084^ = p<0.05
	(0.036)	(0.041)	(0.035)	(0.040)	(0.033)	(0.037)	(0.034)	(0.039)
CapitalEstrangeiro	-0.504^ = p<0.05	-0.457^* * = p <0.01	-0.536^ = p<0.05	-0.498^ = p<0.05	-0.550^ = p<0.05	-0.511^ = p<0.05	-0.561^ = p<0.05	-0.531^ = p<0.05
	(0.230)	(0.231)	(0.233)	(0.237)	(0.236)	(0.240)	(0.234)	(0.239)
Setor	0.167	0.173	0.177^* * = p <0.01	0.191^* * = p <0.01	0.193^* * = p <0.01	0.208^* * = p <0.01	0.186^* * = p <0.01	0.201^* * = p <0.01
	(0.107)	(0.112)	(0.107)	(0.111)	(0.106)	(0.111)	(0.108)	(0.113)
LnExpGeral	-0.135	-0.163	-0.057	-0.052	-0.016	-0.015	-0.006	0.008
	(0.138)	(0.145)	(0.121)	(0.126)	(0.131)	(0.139)	(0.122)	(0.131)
LnExpSemBanco	0.246^* * = p <0.01	0.228	0.161	0.112	0.120	0.073	0.115	0.059
	(0.139)	(0.145)	(0.121)	(0.128)	(0.128)	(0.137)	(0.119)	(0.128)
AllStock	0.044	0.019	0.052	0.035	0.059	0.041	0.067	0.054
	(0.163)	(0.170)	(0.161)	(0.168)	(0.166)	(0.172)	(0.160)	(0.169)
AllCash	-0.102	-0.105	-0.107	-0.111	-0.108	-0.111	-0.105	-0.109
	(0.117)	(0.116)	(0.120)	(0.120)	(0.120)	(0.120)	(0.121)	(0.121)
LnAt		0.087^ = p<0.05		0.085^* * = p <0.01		0.084^* * = p <0.01		0.082^* * = p <0.01
		(0.043)		(0.044)		(0.043)		(0.044)
Constant	4.323^* ***** = p<0.10.	2.969^* ***** = p<0.10.	4.285^* ***** = p<0.10.	3.194^* ***** = p<0.10.	4.249^* ***** = p<0.10.	3.086^* ***** = p<0.10.	4.253^* ***** = p<0.10.	3.071^* ***** = p<0.10.
	(0.850)	(0.469)	(0.841)	(0.486)	(0.838)	(0.481)	(0.839)	(0.483)

Observations	429	389	429	389	429	389	429	389
R-squared	0.247	0.247	0.242	0.238	0.240	0.236	0.240	0.234
Indústria FE	Sim	Sim	Sim	Sim	Sim	Sim	Sim	Sim
Ano FE	Sim	Sim	Sim	Sim	Sim	Sim	Sim	Sim
Tipo de operação	Sim	Sim	Sim	Sim	Sim	Sim	Sim	Sim

Variável	Sinal esperado	Fundamentação teórica	Referencias
Acquirer Bank	+	Advisors tem motivações para concluir um maior número de negócios cujo objetivo é aumentar seu marketshare, também se espera que devido a uma maior especialização, estes sejam capazes de indicar ou auxiliar melhor o negócio.	Hunter e Jagtiani (2003)Hunter, W. C., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65-81. https://doi.org/10.1016/S1058-3300(03)00007-7 https://doi.org/10.1016/S1058-3300(03)00... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011... , Rau (2000)Rau, P. R. (2000). Investment bank market share, contingent fee payments, and the performance of acquiring firms. Journal of Financial Economics, 56(2), 293-324. https://doi.org/10.1016/S0304-405X(00)00042-8 https://doi.org/10.1016/S0304-405X(00)00... , Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787...
TopTierf	+	Advisors toptiers podem ser contratados somente para finalizar os negócios, e assim, espera-se uma maior taxa de sucesso.	*Golubov et al. (2012)*Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
TopTier BR	+	Maior taxa de sucesso devido a um fator cultural	Hunter e Jagtiani (2003)Hunter, W. C., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65-81. https://doi.org/10.1016/S1058-3300(03)00007-7 https://doi.org/10.1016/S1058-3300(03)00... e Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
ToptierEstrangeiro	-	Menor taxa de sucesso devido a um fator cultural	Hunter e Jagtiani (2003)Hunter, W. C., & Jagtiani, J. (2003). An analysis of advisor choice, fees, and effort in mergers and acquisitions. Review of Financial Economics, 12(1), 65-81. https://doi.org/10.1016/S1058-3300(03)00007-7 https://doi.org/10.1016/S1058-3300(03)00... e *Golubov et al. (2012)*Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnValor	-	Devido a uma maior complexidade, relevância e exposição, espera-se uma menor taxa de sucesso.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , *Golubov et al.* (2012)**Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
CapitalEstrangeiro	-	Devido a barreiras culturais, espera-se uma menor taxa de sucesso.	*Erel et al., (2012)*Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082. https://doi.org/10.1111/j.1540-6261.2012.01741.x https://doi.org/10.1111/j.1540-6261.2012...
Setor	+	Espera-se que companhias adquirindo emum mesmo setor leve a uma maior taxa de sucesso devido a uma menor assimetria de informação.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnExpGeral	+	Espera-se que uma maior experiência em negócios aumente a taxa de sucesso.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnExpSemBanco	-	Espera-se que uma maior experiência em negócios sem o acompanhamento de um advisor aumente a taxa de sucesso.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
AllStock	-	Negócios pagos com ações têm uma maior complexidade devido à necessidade de avaliação e até emissão de novas ações, assim, espera-se que negócios pagos dessa forma tenham uma menor taxa de sucesso.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
AllCash	+	Negócios pagos com caixa têm uma menor complexidade, assim, espera-se uma maior taxa de sucesso.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnAt	+	Quão maior for o alvo, maior a complexidade e exposição do negócio, dessa forma, espera-se que quanto maior, menor seja a taxa de sucesso, até por questões regulatórias.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...

	(1)	(2)	(3)	(4)	(5)	(6)
Variáveis	Completo	Completo	Completo	Completo	Completo	Completo
Amostra	Agregado	Abertas	Fechadas	Agregado	Abertas	Fechadas
Advisor	0.165***	0.162***	0.113***	0.095**	0.116***	-0.187
	(0.032)	(0.052)	(0.033)	(0.038)	(0.043)	(0.120)
LnValor	-0.004	0.020*	-0.008*	0.010	0.013	0.034
	(0.005)	(0.011)	(0.004)	(0.009)	(0.010)	(0.027)
CapitalEstrangeiro	-0.032	-0.321***	0.007	-0.221***	-0.292***	-0.058
	(0.028)	(0.081)	(0.021)	(0.055)	(0.064)	(0.080)
Setor	-0.041**	-0.054	-0.019	-0.042	-0.050*	-0.035
	(0.021)	(0.039)	(0.020)	(0.027)	(0.030)	(0.046)
LnExpGeral	-0.091***	-0.150***	-0.055*	-0.199***	-0.223***	0.138
	(0.026)	(0.043)	(0.033)	(0.039)	(0.043)	(0.143)
LnExpSemBanco	0.036	-0.086*	0.046	-0.026	-0.011	-0.240
	(0.027)	(0.045)	(0.034)	(0.039)	(0.042)	(0.172)
AllStock	-0.088*	-0.176**	-0.036	-0.102*	-0.093
	(0.049)	(0.079)	(0.076)	(0.057)	(0.063)
AllCash	-0.005	-0.064	0.027	-0.015	-0.042	0.070
	(0.021)	(0.040)	(0.019)	(0.028)	(0.032)	(0.070)
LnAt				0.049***	0.054***	0.003
				(0.012)	(0.014)	(0.028)
R MacFadden	0.249	0.3449	0.1726	0.2467	0.2587	0.4895
Likelihood	-1234.4	-552.9	-586.9	-462.5	-407.9	-24.0
Acerto	80.45%	80.59%	84.00%	80.85%	79.57%	93.55%
Roc	0.8112	0.8686	0.7805	0.8216	0.8269	0.9182
Observations	2,782	1,257	1,519	1,060	925	93
Indústria FE	Sim	Sim	Sim	Sim	Sim	Sim
Ano FE	Sim	Sim	Sim	Sim	Sim	Sim

VARIÁVEIS	(1)	(2)	(3)	(4)	(5)
	Completo	Completo	Completo	Completo	Completo
	Agregado	Abertas	Fechadas	Agregado	Abertas
Toptier	0.150***	0.160***	0.111***	0.106***	0.115**
	(0.032)	(0.055)	(0.036)	(0.040)	(0.045)
LnValor	-0.002	0.020*	-0.007	0.011	0.014
	(0.005)	(0.011)	(0.004)	(0.008)	(0.010)
CapitalEstrangeiro	-0.034	-0.325***	0.006	-0.222***	-0.294***
	(0.027)	(0.080)	(0.021)	(0.054)	(0.062)
Setor	-0.041**	-0.052	-0.020	-0.042	-0.049
	(0.021)	(0.039)	(0.021)	(0.027)	(0.030)
LnExpGeral	-0.064***	-0.128***	-0.037	-0.195***	-0.212***
	(0.024)	(0.042)	(0.032)	(0.038)	(0.042)
LnExpSemBanco	0.008	-0.112***	0.028	-0.032	-0.024
	(0.025)	(0.042)	(0.034)	(0.037)	(0.041)
AllStock	-0.082*	-0.177**	-0.024	-0.105*	-0.095
	(0.048)	(0.078)	(0.073)	(0.057)	(0.063)
AllCash	-0.005	-0.063	0.027	-0.014	-0.041
	(0.021)	(0.040)	(0.019)	(0.028)	(0.032)
LnAt				0.049***	0.054***
				(0.011)	(0.014)
R MacFadden	0.2451	0.3447	0.1713	0.2481	0.2586
Likelihood	-1237.3	-533.0	-587.7	-461.6	-408.0
Acerto	80,45%	80.75%	83.87%	80.94%	79.89%
Roc	0.8100	0.8694	0.7798	0.8208	0.8275
Observations	2,782	1,257	1,519	1,060	925
Indústria FE	Sim	Sim	Sim	Sim	Sim
Ano FE	Sim	Sim	Sim	Sim	Sim

Variável	Sinal esperado	Fundamentação teórica	Referencias
LnValor	-	Devido a uma maior complexidade, relevância e exposição, espera-se participação de advisors nesse tipo de transação.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
CapitalEstrangeiro	-	Devido a barreiras culturais, espera-se a participação de advisors.	Erel et al., (2012)Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082. https://doi.org/10.1111/j.1540-6261.2012.01741.x https://doi.org/10.1111/j.1540-6261.2012...
Setor	+	Espera-se que companhias adquirindo em um mesmo setor sejam menos propensas a contratar um advisor devido a menor assimetria informacional.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnExpGeral	+	Espera-se que uma maior experiencia em negócios diminua a probabilidade de participação de um advisor	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnExpSemBanco	-	Espera-se que uma maior experiencia em negócios sem o acompanhamento de um advisor diminua a probabilidade de contratação de um.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
AllStock	-	Negócios pagos com ações tem uma maior complexidade devido à necessidade de avaliação e até emissão de novas ações, assim, espera-se que negócios pagos dessa forma tenham uma maior participação de advisors devido a sua complexidade.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
AllCash	+	Negócios pagos com caixa tem uma menor complexidade, assim, espera-se uma menor participação de advisors nessas operações.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...
LnAt	+	Quão maior for o alvo, maior a complexidade e exposição do negócoio, dessa forma, espera-se uma maior participação de advisors nessas operações.	Servaes e Zenner (1996)Servaes, H., & Zenner, M. (1996). The role of investment banks in acquisitions. The Review of Financial Studies, 9(3), 787-815. https://doi.org/10.1093/rfs/9.3.787 https://doi.org/10.1093/rfs/9.3.787... , Golubov et al. (2012)Golubov, A., Petmezas, D., & Travlos, N. G. (2012). When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. The Journal of Finance, 67(1), 271-311. https://doi.org/10.1111/j.1540-6261.2011.01712.x https://doi.org/10.1111/j.1540-6261.2011...

	(1)	(2)	(3)	(4)	(5)
	Advisor	Advisor	Advisor	Advisor	Advisor
Amostra:	Agregado	Abertas	Fechadas	Agregado	Abertas
LnValor	0.049***	0.164***	0.011***	0.171***	0.195***
	(0.005)	(0.018)	(0.003)	(0.019)	(0.023)
CapitalEstrangeiro	-0.040*	-0.185	-0.006	-0.296	-0.196
	(0.024)	(0.175)	(0.009)	(0.183)	(0.197)
Setor	-0.006	0.009	-0.011	0.015	-0.002
	(0.015)	(0.055)	(0.008)	(0.058)	(0.062)
LnExpGeral	0.399***	0.917***	0.126***	1.113***	1.058***
	(0.048)	(0.145)	(0.036)	(0.175)	(0.183)
LnExpSemBanco	-0.374***	-0.895***	-0.119***	-1.045***	-1.002***
	(0.047)	(0.151)	(0.034)	(0.175)	(0.185)
AllStock	0.086**	0.279***	-0.006	0.250**	0.254**
	(0.034)	(0.104)	(0.013)	(0.115)	(0.121)
AllCash	-0.003	0.056	-0.004	0.039	0.070
	(0.014)	(0.059)	(0.005)	(0.064)	(0.067)
LnAt				-0.040**	-0.040**
				(0.019)	(0.018)
R MacFadden	0.5924	0.5633	0.6260	0.5486	0.5521
Likelihood	-446.0	-219.7	-191.9	-236.4	-201.4
Acerto	90.49%	87.42%	93.36%	87.72%	86.96%
Roc	0.9604	0.9484	0.9680	0.9454	0.9449

Observations	1,997	755	1,204	782	667
Indústria FE	Sim	Sim	Sim	Sim	Sim
Ano FE	Sim	Sim	Sim	Sim	Sim

	(1)	(2)	(3)	(4)	(5)
Variáveis	Toptier	Toptier	Toptier	Toptier	Toptier
Amostra	Agregado	Abertas	Fechadas	Agregado	Abertas
LnValor	0.032***	0.108***	0.009***	0.121***	0.136***
	(0.004)	(0.013)	(0.002)	(0.016)	(0.018)
CapitalEstrangeiro	-0.053***	-0.100	-0.020**	-0.159	-0.116
	(0.018)	(0.110)	(0.010)	(0.124)	(0.139)
Setor	0.014	0.045	-0.001	0.038	0.034
	(0.009)	(0.033)	(0.007)	(0.040)	(0.042)
LnExpGeral	0.149***	0.337***	0.090***	0.491***	0.430***
	(0.019)	(0.049)	(0.022)	(0.070)	(0.069)
	(1)	(2)	(3)	(4)	(5)
LnExpSemBanco	-0.133***	-0.280***	-0.084***	-0.415***	-0.355***
	(0.018)	(0.046)	(0.021)	(0.065)	(0.063)
AllStock	0.047**	0.108*	0.006	0.131*	0.135*
	(0.020)	(0.057)	(0.015)	(0.076)	(0.073)
AllCash	-0.006	0.009	-0.004	0.007	0.026
	(0.009)	(0.035)	(0.006)	(0.043)	(0.045)
LnAt				-0.021*	-0.019
				(0.012)	(0.012)
R MacFadden	0.4921	0.4835	0.5192	0.4745	0.4831
Likelihood	-468.3	-233.3	-195.8	-252.8	-213.1
Acerto	89.02%	85.62%	92.18%	86.01%	85.45%
Roc	0.9372	0.9283	0.9528	0.9247	0.9278
Observations	1,949	737	1,164	765	653
Indústria FE	Sim	Sim	Sim	Sim	Sim
Ano FE	Sim	Sim	Sim	Sim	Sim

	(1)	(2)	(3)	(4)	(5)
Variáveis	Toptierbr	Toptierbr	Toptierbr	Toptierbr	Toptierbr
Amostra	Agregado	Abertas	Fechadas	Agregado	Abertas
LnValor	0.006***	0.009**	0.005***	0.015***	0.009*
	(0.002)	(0.005)	(0.002)	(0.005)	(0.005)
CapitalEstrangeiro	-0.071***		-0.036***
	(0.015)		(0.012)
Setor	-0.001	-0.005	-0.005	-0.012	-0.002
	(0.005)	(0.017)	(0.007)	(0.016)	(0.017)
LnExpGeral	0.034***	0.079***	0.035***	0.091***	0.083***
	(0.008)	(0.020)	(0.011)	(0.021)	(0.022)
LnExpSemBanco	-0.031***	-0.048***	-0.032***	-0.060***	-0.052***
	(0.007)	(0.018)	(0.011)	(0.020)	(0.020)
AllStock	0.017*	0.061**	0.016	0.042	0.066**
	(0.009)	(0.031)	(0.016)	(0.030)	(0.032)
AllCash	-0.004	-0.012	-0.002	0.005	-0.011
	(0.005)	(0.016)	(0.004)	(0.016)	(0.016)
LnAt				-0.010**	-0.005
				(0.004)	(0.004)
R MacFadden	0.3068	0.2991	0.4016	0.2847	0.3029
Likelihood	-296.2	-134.6	-126.8	-167.3	-130.6
Acerto	92.65%	91.06%	93.77%	89.29%	90.68%
Roc	0.8877	0.8556	0.9262	0.8524	0.8548

Observations	1,552	537	786	616	515
Indústria FE	Sim	Sim	Sim	Sim	Sim
Ano FE	Sim	Sim	Sim	Sim	Sim

[1] Marcelo Daniel Araújo Ermel Av. 9 de Julho, 2029, 01313-902, Bela Vista, São Paulo, SP, Brasil. E-mail: ermel.marcelo@gmail.com

Brasil

Brasil

Motivations and Consequences of Advisor Participation in Mergers and Acquisitions

Abstract