| 主讲人 |
邓可斌 |
简介 |
<p>The effect of client requirements on the performance of top financial advisors in mergers and acquisitions (M&As) has remained relatively unexplored. Using China’s unique M&A setting, this paper provides evidence on difference of the ability to meet clients’ requirements in M&As among top financial advisors. In this paper, we divide M&A acquirers into an opportunistic group and a non-opportunistic group: the former includes firms pursuing public listing through reverse merger or obtaining refinancing qualification, who attach greater importance to complete the deals; the latter involves firms aiming for operational synergy, who place more weight on the M&A performance. We illustrate that top financial advisors working for non-opportunistic firms offer better M&A performance, while those working for opportunistic firms have higher M&A completion rate. Overall, we show that top financial advisors do pay attention to client requirements and perform accordingly in an incentive-compatibility setting.</p> |
