TAILIEUCHUNG - Investment banks as financial advisors in malaysian mergers and acquisitions

Investment banks as financial advisors in malaysian mergers and acquisitions. Our study examines the factors that affect the choice of hiring an investment bank as financial advisor in the merger and acquisition transactions of Malaysian acquirers. In the period from January 1995 to December 2012, approximately percent of the Malaysian acquirers hire an investment bank when conducting M&A transactions. | Journal of Economics and Development, , , April 2017, pp. 25-38 ISSN 1859 0020 Investment Banks as Financial Advisors in Malaysian Mergers and Acquisitions Cao Dinh Kien Foreign Trade University, Vietnam Email: caokien@ Nguyen Thu Thuy Foreign Trade University, Vietnam Email: Nguyen Minh Phuong Foreign Trade University, Vietnam Email: phuongnm7@ Abstract Our study examines the factors that affect the choice of hiring an investment bank as financial advisor in the merger and acquisition transactions of Malaysian acquirers. In the period from January 1995 to December 2012, approximately percent of the Malaysian acquirers hire an investment bank when conducting M&A transactions. On the other hand, percent of the target firms employ at least one investment bank as financial advisor when dealing with Malaysian bidders. Our findings reveal that both participants tend to hire an investment bank when the acquirer operates in the technology sector, the deal takes place in a crisis period and the value of the transaction is high. An acquirer who has a high debt ratio is less likely to employ an investment bank and a publicly traded target is more likely to employ an investment bank in their M&A transactions. Moreover, our results show that, in a complex environment, the hiring of an investment banking is not for the valuation purpose. Keywords: Behavioral finance; investment policy; investment banking; market efficiency; mergers & acquisitions. Journal of Economics and Development 25 Vol. 19, , April 2017 1. Introduction the deal will be completed. However, Rau also points out that announcement returns earned by acquirers in deals involving top-tier banks are not higher and in the long term the returns are lower than those involving lesser quality advisors, which is supported by Rau and Rodgers (2002). The role of investment banks as financial advisors in mergers and acquisitions (M&As) is extensively .

• Ngân hàng - Tín dụng
• Investment banks
• Financial advisors
• Financial advisors in malaysian
• Malaysian mergers and acquisitions
• Malaysian mergers
• Returns on investment
• Investment of deposit money banks
• Deposit money banks
• Deposit money banks in Nigeria
• Nigeria within the period
• Heterogeneity analysis
• Shadow banking
• SPV investment
• SPV investment of Chinese banks
• Chinese banks
• Heterogeneity analysis on SPV investment
• Illiquid trade
• Investment bank
• Financial crisis
• Investment banks in financial crisis
• Illiquid trades on investment banks
• Solutions for the development of investment banking
• The development of investment banking
• Commercial banks in Vietnam
• Vietnams commercial banks
• The organizational models
• investment strategy
• investment ODA
• investment loans
• financial
• investment funds
• Summary of Economic Doctoral thesis
• Summary of Doctoral thesis
• Bond investment activities
• Commercial banks
• Private sector banks in India
• Evaluation of dividend policy
• Selected public and private sector banks
• Board of Directors
• Profitable future investment proposals
• Lecture Management of financial institution
• Bài giảng Quản lý tổ chức tài chính
• Management of financial institution
• Role of investment banks
• Investment banking division
• Organizational structure of an investment bank
• Statistical methods
• Vietnamese commercial banks
• Joint Stock Commercial Bank
• Ngân hàng BIDV
• Role of commercial banks
• Types of investment banks
• Role in the money supply
• Property Calculations
• Investment Returns
• Future Targets
• Temporal Trends
• Current Perspectives
• Future Trends
• Evaluation of alternatives
• Number of investment avenues
• Investments in banks deposits
• Characteristics of Financial Advisor
• Personal characteristics of the advisor
• credit banks
• state banks
• credit information
• investors
• recession
• financial investment
• Cash Flow
• The Fundamental
• FCFF Models
• CFROI
• Economics
• Standard FCFF Model
• bank loans
• commercial banking
• lending
• banking
• banks in Vietnam
• the banking system
• credit forms
• international settlements
• Essential Oils
• Chiral and Nonchiral
• GC×GC TOFMS Analysis
• Natural Compounds
• Aggregation Pheromones
• Beetles Ips shangrila
• international investment banks
• Using Monoclonal Antibodies
• Main Immunogenic
• Gluten Peptide
• Advanced Therapies
• Celiac Disease
• antiretroviral treatment
• HIV associated
• attending Medical
• survival among
• Emerging Infectious
• market economy
• foreign exchange
• foreign currency purchase
• lending activities
• asset protection guarantee
• capital raising activities
• credit operations
• payment services
• payment and treasury
• bank credit
• small and medium enterprises
• credit demand
• management
• economic sectors
• Transactions costs
• Asymmetric information
• The financial system
• The economics of banking
• Financial crises
• Financial regulation