Cultural Determinants of M&A Returns: How Fairness Opinions by Boutique Firms Affect Value

Anna Seitz
In recent years, an increasing amount of attention has been drawn to boutique investment banks as they climb industry league tables. I examine the difference between boutique and full- service firms, and whether cultural distinctions can be seen through the transactions they advise on. I use announcement period returns to determine the effect of differences in an acquirer’s investment bank on transaction returns. First, I find that transactions that have at least one boutique as...
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