In this study we examine the acquirer-advisor relation in mergers and acquisitions. Among other issues we study the effect of this relation in major industry sectors. We have found that the average log abnormal return from acquirer-advisor relation is $0.5 millions. Relationship advisers are rewarding in the range of $1.5 millions to $2.5 millions in all sectors except media, consumer products and services, high technology, industrials and real estate.
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