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A study on the choice of independent experts and the synergy in the M&A transaction
|Issue Date: ||2012-10-30 14:35:30 (UTC+8)|
This study tests whether the negative certification function and positive certification function are important service performed by independent experts in the M&A transaction. It conducts an empirical investigation of the choice of independent experts and the synergy in the M&A transaction.
The result demonstrates that when the debt ratio is high, the percentage of stock owned by institutional owners and external shareholders is low, the premium is high, and the size of acquirer and target is similar, acquirer tends to hire a more prestigious independent expert. It confirms that the negative certification function exists. In addition, we find that when the reputation (measured by market share) of independent experts is high, the market synergy in the M&A may be higher than others. It is because of that the independent experts tend to protect their reputation by choosing their clients rigorously. Therefore, the positive certification function is also confirmed.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0099353017|
|Data Type: ||thesis|
|Appears in Collections:||[會計學系] 學位論文|
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