title: Essays on Behavioral Finance: Strategic and Financial Decision-Making in Mergers and Acquisitions
creator: Ecer, Christian Fuat Jonathan
description: The scope of this dissertation encompasses empirical studies on the decision-making behavior and interactions of advisors, executives, and investors in the MA field. The studies indicate positive effects of both target and acquirer advisors on deal completion and prices. The unexpected positive price effect of acquirer advisors is further supported by evidence for higher premiums and lower announcement bidder returns. The causal interpretation is established with instrumental-variable approaches, making use of the impact of Lehman’s collapse on former Lehman clients. The findings are explained in terms of governance: advisors’ and executives’ incentives form a potential source of value destruction. Further, the results show that advisors' industry and  country experience is significantly associated with the effectiveness of buy-side advisors in terms of announcement returns for their clients.
date: 2021
type: Dissertation
type: info:eu-repo/semantics/doctoralThesis
type: NonPeerReviewed
format: application/pdf
identifier: https://archiv.ub.uni-heidelberg.de/volltextserverhttps://archiv.ub.uni-heidelberg.de/volltextserver/30341/1/Dissertation_Christian%20Fuat%20Ecer.pdf
identifier: DOI:10.11588/heidok.00030341
identifier: urn:nbn:de:bsz:16-heidok-303416
identifier:   Ecer, Christian Fuat Jonathan  (2021) Essays on Behavioral Finance: Strategic and Financial Decision-Making in Mergers and Acquisitions.  [Dissertation]     
relation: https://archiv.ub.uni-heidelberg.de/volltextserver/30341/
rights: info:eu-repo/semantics/openAccess
rights: http://archiv.ub.uni-heidelberg.de/volltextserver/help/license_urhg.html
language: eng