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Type: Thesis
Title: Financial advisors and industry merger and acquisition waves
Author: Feng, Yun
Issue Date: 2019
School/Discipline: Adelaide Business School
Abstract: The thesis examines whether financial advisors play a role in the formation of merger and acquisition (M&A) waves at the industry level. The analysis demonstrates that financial advisors are the primary drivers of industry M&A waves. This finding suggests that financial advisors encourage companies to conduct M&A deals and thus contribute to the generation of industry M&A waves. The effects of financial advisors are consistent across different industry shocks that have been previously identified under the neoclassical theory. This thesis also finds that the interactions between financial advisors and different industry shocks are significantly and positively correlated with industry M&A waves, suggesting that financial advisors contribute to the effect of industry shocks in generating industry M&A waves. The results are robust to endogeneity controls and alternative explanations.
Advisor: Yawson, Alfred
Liu, Chelsea
Dissertation Note: Thesis (MPhil) -- University of Adelaide, Adelaide Business School, 2019
Keywords: Merger & Acquisition waves
financial advisors
industry shocks
Provenance: This electronic version is made publicly available by the University of Adelaide in accordance with its open access policy for student theses. Copyright in this thesis remains with the author. This thesis may incorporate third party material which has been used by the author pursuant to Fair Dealing exceptions. If you are the owner of any included third party copyright material you wish to be removed from this electronic version, please complete the take down form located at:
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