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Huang, Qianqian; Jiang, Feng; Lie, Erik; Yang, Ke
Journal of financial economics, 05/2014, Volume: 112, Issue: 2Journal Article
We examine how directors with investment banking experience affect firms׳ acquisition behavior. We find that firms with investment bankers on the board have a higher probability of making acquisitions. Furthermore, acquirers with investment banker directors experience higher announcement returns, pay lower takeover premiums and advisory fees, and exhibit superior long-run performance. Overall, our results suggest that directors with investment banking experience help firms make better acquisitions, both by identifying suitable targets and by reducing the cost of the deals.
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