TY  - BOOK
AU  - Christine Häcker
PY  - 2021
CY  - Berlin, Germany
PB  - Peter Lang Verlag
SN  - 0531-7339
TI  - Information Asymmetries and Investment Banking in Mergers & Acquisitions
UR  - https://www.peterlang.com/document/1103234
N2  - 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.
KW  - Mergers and Acquisitions, Asymmetrische Information, Merger, Economic Value of Intermediary, Buyer type, Acqusition, Information Asymmetry, Investment Banking
LA  - English
ER  -