Acquirer Bank |
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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...
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TopTierf |
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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...
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TopTier BR |
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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...
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ToptierEstrangeiro |
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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...
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LnValor |
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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...
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CapitalEstrangeiro |
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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...
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Setor |
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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...
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LnExpGeral |
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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...
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LnExpSemBanco |
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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...
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AllStock |
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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...
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AllCash |
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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...
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LnAt |
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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...
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