Are Fairness Opinions Fair? The Case of Mergers and Acquisitions

151 citations recorded by the source corpus.

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

Institutional Cross-Ownership and Corporate Strategy: The Case of Mergers and Acquisitions (2018, unknown): “Investment banks are generally hired by acquiring firms to identify potential deals with high synergy, facilitate M&A transactions (McLaughlin, 1990, 1992) and provide professional advice such as fairness opinions (Kisgen et al., 2009).”
The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda (2020, background): “Firms involved in M&A also use the expertise of advisors and investment banks in estimating the target value (Kisgen & Song, 2009; Rau, 2000; Sleptsov, Anand, & Vasudeva, 2013), although conflicts of interest have been argued to result in an upward bias in valuation decisions (Golubov, Petmezas, &…”
Board Connections and M&A Transactions (2012, methodology): “35 To examine these conjectures, we obtain investment banking fee data from SDC and use the hand-collected data on fairness opinions from Kisgen et al. (2009).15 In our sample, an average M&A deal involves one financial advisor for the acquirer and one for the target, 0.35 fairness opinions for…”