Financial advisors and corporate investment

Wang, Danni (2021) Financial advisors and corporate investment. PhD thesis, University of Nottingham.

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Abstract

China is now the world second largest capital market and mergers & acquisitions (M&As) have taken up a large share of investment. With the rapid growth of China's M&As, the value of consulting business of financial advisors also greatly increased. Understanding and evaluating the role of financial advisors in the unique Chinese financial market can potentially benefit firms, investors and market regulators. This thesis uses Chinese M&As as empirical setting to examine the role and mechanism of value-creation of Chinese financial advisors, specially, I focus on the financial advisors’ external political connections, the reputation, as well as the advisors’ teamwork. My thesis document that political connected, and top-tier financial advisors create value for shareholders, and the underlying mechanism of this value creation mainly from advisors’ ability to design and negotiate better deal term. In addition, small-size advisor team benefits firms and investors because of their lower co-ordination costs. The main results remain hold after addressing endogeneity and carrying out additional robustness check. The findings of this thesis have important implications to academics and practitioner: financial advisors’ reputation, their networks (i.e. political connections) and teamwork do matter in corporate takeover process.

Item Type: Thesis (University of Nottingham only) (PhD)
Supervisors: Liu, Weimin
Ma, Qingping
Keywords: Financial advisors ; Chinese M&As ; Chinese financial market ; corporate investment
Subjects: H Social sciences > HG Finance
Faculties/Schools: UNNC Ningbo, China Campus > Faculty of Business > Nottingham University Business School China
Item ID: 63836
Depositing User: WANG, Danni
Date Deposited: 24 Nov 2020 01:19
Last Modified: 24 Nov 2020 08:00
URI: http://eprints.nottingham.ac.uk/id/eprint/63836

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