Chen H.-CKENG-YU HOWeng P.-SYeh C.-W.2021-08-312021-08-3120200927538Xhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85096563175&doi=10.1016%2fj.pacfin.2020.101461&partnerID=40&md5=36844b899915e23d37dd30d4a8dac3f3https://scholars.lib.ntu.edu.tw/handle/123456789/579983We examine the role of equity underwriting relationships in subsequent mergers and acquisitions (M&As). Firms, either the bidders or targets, tend to choose their M&A advisors with prior equity underwriting relationships. Consistent with the cost-saving hypothesis, retaining their prior underwriters as future advisors is related to cost reduction in the M&A advisory. Firms also experience shorter deal duration if they hire relationship advisors. This study contributes to the further understanding of how firms derive value from investment bank relationships. ? 2020 Elsevier B.V.[SDGs]SDG9journal article10.1016/j.pacfin.2020.1014612-s2.0-85096563175