The role of investment banker directors in M&amp;A

Huang, Qianqian; Jiang, Feng; Lie, Erik; Yang, Ke

doi:10.1016/j.jfineco.2014.02.003

Cited by 185 publications

(82 citation statements)

References 39 publications

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“…Board secretaries with working experience in investment banks can contribute to companies' M & A [16]; financial experience as directors in state-holding enterprises will make them emphasize more on the profit, leading to higher possibility of over-investment [17]; senior executive with CPA working skills and experiences can improve the earnings management of accruals [18]. Board secretaries with working experiences in other companies will have better understanding about IPO procedure and relative requirements in laws and regulations related to information disclosure and appear to be more sensitive to relative policies.…”

Section: Z H Linmentioning

confidence: 99%

Background Characteristics of Board Secretary and IPO Underpricing

Lin¹

2017

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The information asymmetry between the internal environment and external environment of enterprises composes one of essential factors leading to IPO underpricing. According to upper echelon theory, background characteristics of senior executives will exert an impact on their behaviors selections as well as the performance of company. The board secretary in China, as the information publisher, can also influence IPO underpricing with his/her personal background. Testing the samples of GEM (The Growth Enterprise Market) in China from the year of 2009 to 2012, the paper concluded that the board secretary with financial background and related working experience can reduce the IPO underpricing, based on which the conclusion has been drawn that the personal background characteristics can influence IPO underpricing and further affect the IPO pricing efficiency, hoping to provide reference for enterprises to recruit the right person for board secretary.

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Section: Z H Linmentioning

confidence: 99%

Background Characteristics of Board Secretary and IPO Underpricing

Lin¹

2017

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“…First, we examine the relation between PIPE issuances and lagged takeover probabilities to avoid confounding inferences through any reverse causality (Khan et al, 2012). Next, we estimate the relation between takeover likelihood and PIPE issuance using the recursive bivariate probit model (Greene, 1998;Byrd et al, 2012;Huang et al, 2014;Yermack, 2014), which assumes that the binary dependent and independent variables are each determined by latent linear models with jointly normal error terms (Evans and Schwab, 1995) that can produce an consistent estimator (Greene, 1998). 17 In this model, the probit equations on the takeover target dummy and the PIPE issuance dummy are estimated simultaneously using the maximum likelihood method, in which the instrumental variable, namely industry takeover (ITO), is used in the estimation model of takeover target.…”

Section: Identificationmentioning

confidence: 99%

The white squire defense: Evidence from private investments in public equity

Chen

Hsu

Huang

2016

Journal of Banking & Finance

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“…The latest studies also evaluate the performance of the M&As in relation to the managers' characteristics. For example, [17] investigate the infl uence of CEOs experience upon the M&A performance. They conclude that fi rms with former investment directors in the managerial team have a higher propensity to acquire and are more effi cient in this process.…”

Section: The 2014 Trends In the Study Of Mergers And Acquisitionsmentioning

confidence: 99%