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1. Mergers and acquisitions: Mergers and acquisitions advice and financing is a key part of investment banks' business. Mergers and acquisitions are, however, relatively controversial with a large pool of literature providing evidence that they are very risky transactions for the acquiring firms. Much of the evidence suggests that more often than not, acquiring firms will lose money in these transactions. Given these points it would appear that advisers have a very important role to play in counselling their clients on mergers and acquisitions strategies. Provide a critical review of this paper and comment on the implications of its findings for investment bank.