Professional influence: The effects of investment banks on clients acquisition financing and performance
@article{Hayward2003ProfessionalIT,
title={Professional influence: The effects of investment banks on clients acquisition financing and performance},
author={Mathew L. A. Hayward},
journal={Southern Medical Journal},
year={2003},
volume={24},
pages={783-801}
}This study examines the conditions in which professional firms use client engagements to get clients to subsequently hire them. The central thesis is that professional firms derive power from their specialized expertise and lead clients towards complex problems that apply the expertise. In particular, relative to cash-financed acquisitions, stock-financed acquisitions more intensively apply investment banks' expertise. Consistent with expectations, results from a sample of 404 acquisitions show… CONTINUE READING
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