ICMA Centre Research Makes Conference History with Double Award Win

Their paper, “Do Boutique Investment Banks Have the Midas Touch? Evidence from M&As,” is the first in the conference’s history to win both awards, an exceptional achievement that reflects the rigour of their research and its powerful real-world relevance.

The study provides large-scale evidence that acquiring firms advised by boutique investment banks generate significantly higher shareholder returns than those advised by full-service institutions. This effect is especially strong in complex and information-sensitive deals, such as private or cross-industry acquisitions.

By leveraging their industry specialisation and offering truly independent advice, boutique advisors were shown to create up to an average of $104 million in additional shareholder value per deal. The findings challenge traditional assumptions about the dominance of bulge-bracket banks and highlight how focused, expert advice can lead to superior outcomes in M&A.

As the landscape of corporate finance continues to evolve, the research offers timely insights for executives, investors, and policymakers, emphasising that when it comes to creating value, bigger isn’t always better.

📖 Read the full paper on CentAUR