Information Asymmetries and Investment Banking in Mergers & Acquisitions
Book Details
Format
Paperback / Softback
ISBN-10
3631563108
ISBN-13
9783631563106
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Apr 19th, 2007
Print length
209 Pages
Weight
284 grams
Dimensions
15.00 x 21.00 x 1.40 cms
Ksh 9,950.00
Manufactured on Demand
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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.
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