《投資銀行在收購公司時的市場份額和業(yè)績：以加拿大為例》外文翻譯

摘 要

本文主要研究探討投資銀行在加拿大收購公司時的市場份額和表現(xiàn)，以及他們之間的合并交易關(guān)系并尋求他們的意見。我們的研究提出兩個替代假說的有效性，由勞（2000）：高級交易假設(shè)和交易完成的假設(shè)。前者認(rèn)為管理者尋求頂級投資斷定顧問，因為他們認(rèn)識到他們的投資增值的能力，而后者有能力更快地完成交易。托賓Q是用來作為業(yè)績表現(xiàn)的標(biāo)準(zhǔn)，與那些質(zhì)量銀行，以找出最優(yōu)質(zhì)的投資銀行是否提供更大的價值。我們檢查時間在兩個不同的Q值變化的影響一兩年后，分別合并時間點。然后我們研究一個特定的投資銀行目前的市場份額上的表現(xiàn)和過去的市場份額，分析其影響。

Investment Bank Market Share and the Performance of Acquiring Companies: Canadian Evidence
by
Kefilwe Rasedie
Education Management and Industry Raffles Campus, UAE
Gopalan Srinivasan
University of New Brunswick, Canada


This study examines the relationship between the investment bank market share and the performance of the companies in Canada that sought their advice as an acquirer in a merger transaction. We investigate the validity of two alternative hypotheses proposed by Rau (2000): Superior deal hypothesis and Deal completion hypothesis. The former posits that managers seek top investment advisors because of their ability to recognise the added value in their investments where as the latter have their ability to complete the deal quicker. Tobin’s Q is used as a performance measure to find out if the top quality investment banks delivered greater value to their clients compared to low quality banks. We examine the effects of time on deal performance by measuring change in Q at two different points in time – one and two years after the merger respectively. Then we investigate the effect of past performance and past market share on the current market share of a particular investment bank.