本期主题：Running your own Deal Team or Retaining Financial Advisors: Evidence from Chinese Private M&As

主讲人：毕晓刚

时间：2016年10月13日（周四）下午3:30-5:00

地点：文泉楼304am永利集团1楼106实验室

主办单位：

304am永利集团

产业升级与区域金融湖北省协同创新中心

304永利集团官网入口湖北金融研究中心

304永利集团官网入口中国投资研究中心

论文摘要：

Using a large sample of Chinese private mergers and acquisitions (M&As), we compare the value creation of M&As between hiring external financial advisors and using “in-house” investment banking teams. We find that financial advisors generate substantial value for acquiring shareholders. The value creation is higher for more complex deals, such as large deals and deals not fully financed by cash, supporting the transaction costs hypothesis. Further analysis shows that financial advisors help shorten the deal completion time and reduce the bid premium for large deals, and are associated with higher future profitability of acquirers.

主讲人简介：

毕晓刚，宁波诺丁汉大学商学院助理教授，国际金融研究中心(GFC) 和利弗休姆全球化和经济政策研究中心(GEP)的研究员。英国埃克塞特大学金融学博士，曾任职英国埃克塞特大学金融投资研究中心和伦敦Pure Technology Ltd.公司。毕晓刚博士研究方向主要集中在并购、机构投资者和行为金融学方面，在国外知名期刊Finance Research Letters，Managerial and Decision Economics等发表论文十余篇，其本人也担任《Journal of Business, Finance and Accounting》和《Review of Investment Studies》的审稿人。