Il ruolo dell’Investment banking nelle operazioni di M&A: evidenze empiriche pre e post Lehman

[Machine translation] The role of investment banks in extraordinary transactions — and especially mergers and acquisitions (M&A) — has been extensively investigated by doctrine; in particular, the contribution offered in identifying, selecting and structuring the best deals (Superior Deal Hypothesis) and in certifying, with their reputation, their validity (Certification Effect). The objective of the present work is to verify if and to what extent the Superior Deal Hypothesis and the Certification Effect suffered effects after the bankruptcy of Lehman Brothers through the study of the relationship between the value created for shareholders and the reputation of the banks appointed as advisors. It emerges that the reputational effect of the main investment banks is more evident in the post-Lehman period. In addition, post-Lehman returns are positive for both the target and the bidder, thus highlighting the existence of a Superior Deal Hypothesis