Does it pay to hire top banks?

Research suggests that top banks may be worth their premium fees – in the right circumstances. 

Professor Dimitris Petmezas and colleagues examined almost 5,000 deals conducted between 1996 and 2009, separating deals involving publicly–listed and private companies. Private deals had no link between adviser reputation and quality, but bidders shelling out for a top-tier adviser in a public deal enjoyed returns just over 1% higher than if they had used an adviser outside the top tier.

The Economist