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Information Asymmetries and Investment Banking in Mergers & Acquisitions

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Information Asymmetries and Investment Banking in Mergers & Acquisitions Synopsis

This book examines information asymmetries in mergers and acquisitions, specifically focusing on the role of the investment banker. When capital markets are imperfect, the investment banker may add value as an intermediary by reducing transaction costs and mitigating information asymmetries. Here, a theoretical model is developed, which shows that the investment banker is able to reduce the degree of hidden information between seller and buyer. The model indicates that the investment banker will recommend a specific buyer, taking the nature of the buyer, expected synergy benefits, and the acquisition probability into account. Based on that recommendation, the selling company can obtain maximum value by selling to the highest bidder.

About This Edition

ISBN: 9783631563106
Publication date:
Author: Christine Häcker
Publisher: Peter Lang Edition an imprint of Lang, Peter, GmbH, Internationaler Verlag der Wiss
Format: Paperback
Pagination: 195 pages
Series: Europaische Hochschulschriften : Reihe 5: Volks- Und Betriebswirtschaft
Genres: Economic systems and structures
Accounting: study and revision guides
Banking
Budgeting and financial management
Multinationals