Financial advisors and corporate investment
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 ro...
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| Format: | Thesis (University of Nottingham only) |
| Language: | English |
| Published: |
2021
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| Online Access: | https://eprints.nottingham.ac.uk/63836/ |
| _version_ | 1848800063367675904 |
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| author | Wang, Danni |
| author_facet | Wang, Danni |
| author_sort | Wang, Danni |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | 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. |
| first_indexed | 2025-11-14T20:45:36Z |
| format | Thesis (University of Nottingham only) |
| id | nottingham-63836 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T20:45:36Z |
| publishDate | 2021 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-638362025-02-28T15:07:28Z https://eprints.nottingham.ac.uk/63836/ Financial advisors and corporate investment Wang, Danni 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. 2021-07 Thesis (University of Nottingham only) NonPeerReviewed application/pdf en arr https://eprints.nottingham.ac.uk/63836/1/Thesis-Danni%20Wang.pdf Wang, Danni (2021) Financial advisors and corporate investment. PhD thesis, University of Nottingham. Financial advisors ; Chinese M&As ; Chinese financial market ; corporate investment |
| spellingShingle | Financial advisors ; Chinese M&As ; Chinese financial market ; corporate investment Wang, Danni Financial advisors and corporate investment |
| title | Financial advisors and corporate investment |
| title_full | Financial advisors and corporate investment |
| title_fullStr | Financial advisors and corporate investment |
| title_full_unstemmed | Financial advisors and corporate investment |
| title_short | Financial advisors and corporate investment |
| title_sort | financial advisors and corporate investment |
| topic | Financial advisors ; Chinese M&As ; Chinese financial market ; corporate investment |
| url | https://eprints.nottingham.ac.uk/63836/ |