【本期主题】The Role of Investment Bankers in M&As: New Evidence on Acquirers’ Financial Conditions

This paper investigates whether top-tier investment bankers (financial advisors) help their clients create value in M&A deals via analyzing 2860 completed US deals between 1990 to 2009. We specifically focus on acquirers’ financial conditions and we show that top-tier investment bankers help financially constrained acquirers’ to negotiate lowest bid premiums and create superior abnormal return in both short and long run. Our findings imply that financially constrained acquirers tend to retain top-tier investment bankers to gain superior synergy, while unconstrained acquirers appear to retain top-tier investment bankers to ensure the deal completion. These findings are consistent with the prediction of overconfidence hypothesis.

【报告人】郭杰 杜伦大学商学院中国发展研究所执行副所长

【时 间】06月26日 上午10:00

【地 点】明德主楼0509室

【报告人简介】

郭杰，杜伦大学商学院中国发展研究所执行副所长，杜伦大学金融学博士。 他的研究领域包括:公司金融、媒体情绪以及企业并购等，曾在2012年入围全球最佳商学院教授提名，是入围该奖项的唯一华人。他在Multinational Finance Journal、European Financial Management、Applied Financial Economics上发表多篇学术论文。

如果您有兴趣，请于6月26日前回复邮件rucfinanceforum@gmail.com或电话联系，我们将为您预留座位。联系人：李红梅 62511138。诚邀您参加。

中国人民大学金融高端论坛组委会

财政金融学院应用金融系

商学院财务与金融系

汉青经济与金融高级研究院金融系