Financial Advisor Reputation and Value Creation in M&As - Evidence from the Scandinavian Market
In contrast to previous studies, we show a significant positive effect of financial advisor reputation on cumulative abnormal returns. In M&As completed in Scandinavia between 2000 and 2015, top-tier advisors create 1.32% higher abnormal returns to the acquiring firms’ shareholders. Top-tier advisors are also associated with longer time to completion, indicating that they are more thorough in
