财务金融系系列讲座之217期

时间：2017年9月12日（周二）13:30

地点：史带楼603室

主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University

主题：Advisors Lending to the Advised Acquirer as a Last Resort

演讲者：Prof. Xueping Wu    City University of Hong Kong

摘要： It has become pronounced in recent decades that acquirers’ financial advisors also participate in financing the M&A they advise. These advisor-led syndicated loans have unusually high spreads. The advisor’s dual role (advisory and financing) also seems to reduce the acquirer’s M&A announcement effect. All of this may reflect a conflict of interest, undermining the information production and certification roles of banks in loan financing. Our further analysis reveals, however, that post-M&A underperformance is absent for these acquirers, and their need for external finance justifies the relatively expensive advisor lending. The investment banks act as last-resort lenders in these M&A deals.

简介： Dr. Xueping Wu is Associate Professor at the Department of Economics and Finance of the City University of Hong Kong. His research interests are both theoretical and empirical, covering Corporate Finance, Asset Pricing and Capital Markets, and International Finance. He has published papers in high quality academic journals including the Journal of Business and JFQA. He has won several best paper awards including the 1999-WFA Award for the Best Paper in Corporate Finance. His recent research agenda is to try to establish a theory of growth type compatibility in corporate finance – a theory that explains why firms grow and seek financing in a persistent way under asymmetric informational environments. He is also working on how financial intermediaries such as financial advisors help mitigate market imperfection.

财务金融系

2017-9-7