کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7355685 1477896 2018 37 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Top-tier financial advisors, expropriation and Chinese mergers & acquisitions
ترجمه فارسی عنوان
مشاوران مالی سطح بالا، سلب مالکیت و ادغام و خرید چینی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
The empirical literature contains mixed evidence regarding the relationship between advisor reputation and returns in mergers and acquisitions (M&As). However, very few studies consider the detrimental effect of expropriation by controlling shareholders and value creation role of top-tier financial advisors. We revisit the role of financial advisors in M&As by examining whether and why top-tier advisors affect acquisition quality in the Chinese market, finding that they generate substantial value for acquiring shareholders, though value creation is lower for high expropriation-possibility acquirers. We also show that top-tier financial advisors help improve operating performance and reduce bid premiums. The results contribute to the takeover literature by shedding new light on the role of financial advisor in acquisitions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Financial Analysis - Volume 57, May 2018, Pages 157-166
نویسندگان
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