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1、LINDAALLENJULAPAJAGTIANISTAVROSPERISTIANIANTHONYSAUNDERSTheRoleofBankAdvisorsinMergersandAcquisitionsThispaperlooksattheroleofcommercialbanksandinvestmentbanksasfinancialadvisors.Intheirroleaslendersandadvisors,bankscanbeviewedasservingacertificationfunction.However,banks
2、actingasbothlendersandadvisorsfaceapotentialconflictofinterestthatmaymitigateoroffsetanycertificationeffect.Overall,wefindevidenceofanetcertifica-tioneffectfortargetfirmsbutconflictsofinterestforacquirers.Inparticular,targetfirmsearnhigherabnormalreturnswhenthetarget’sownbanki
3、shiredasmergeradvisor,consistentwiththebank’sroleascertifierofthe(moreinformationallyopaque)target’svaluetotheacquirer.Incontrast,wefindnonetcertificationroleforacquirers.Thereareatleasttwopossiblereasonsforthis.First,certificationofvaluemaybelessimportantforacquirersbecaus
4、eitisthetargetfirmthatmustbepricedinamerger.Second,acquirersmayutilizecommercialbankadvisorsinordertoobtainaccesstobankloanstofinanceactivitiesinthepostmergerperiod.Thus,anacquirermaychooseitsownbank(withwhomithashadapriorlendingrelationship)asanadvisorinamerger.However,t
5、hischoiceweakensthecertificationeffectandcreatesapotentialconflictofinterestbecausetheadvisor’smergeradvicemaybedistortedbyconsiderationsrelatedtothebank’spastandfuturelendingactivity.JELcode:G21Keywords:relationshipbanking,investmentbankadvisors,certificationeffect,conflic
6、tofinteresteffect,mergers,acquisitions.LindaAlleniswiththeZicklinSchoolofBusiness,BaruchCollege,CityUniversityofNewYork.E-mail:Linda_Allenbaruch.cuny.eduJulapaJagtianiiswithSupervisionandRegulation,FederalReserveBankofKansasCity.E-mail:Julapa.Jagtiani@kc.frb.orgStavros
7、PeristianiiswiththeResearchandMarketAnalysisGroup,FederalReserveBankofNewYork.E-mail:Steve.Peristiani@ny.frb.orgAnthonySaundersiswiththeSternSchoolofBusiness,NewYorkUniversity.E-mail:Asaunder@stern.ny.eduReceivedJanuary9,2001;andacceptedinrevisedformJune18,2002.Journalo
8、fMoney,Credit,andBanking,Vol.36,No.2(April2004)Copyright2004byTheOhioStateUniversity198:MONEY,CREDIT,ANDBANKIN
