《投资银行在收购公司时的市场份额和业绩：以加拿大为例》外文翻译.doc
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《投资银行在收购公司时的市场份额和业绩：以加拿大为例》外文翻译,摘 要本文主要研究探讨投资银行在加拿大收购公司时的市场份额和表现，以及他们之间的合并交易关系并寻求他们的意见。我们的研究提出两个替代假说的有效性，由劳（2000）：高级交易假设和交易完成的假设。前者认为管理者寻求顶级投资断定顾问，因为他们认识到他们的投资增值...
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《投资银行在收购公司时的市场份额和业绩：以加拿大为例》外文翻译
摘 要
本文主要研究探讨投资银行在加拿大收购公司时的市场份额和表现，以及他们之间的合并交易关系并寻求他们的意见。我们的研究提出两个替代假说的有效性，由劳（2000）：高级交易假设和交易完成的假设。前者认为管理者寻求顶级投资断定顾问，因为他们认识到他们的投资增值的能力，而后者有能力更快地完成交易。托宾Q是用来作为业绩表现的标准，与那些质量银行，以找出最优质的投资银行是否提供更大的价值。我们检查时间在两个不同的Q值变化的影响一两年后，分别合并时间点。然后我们研究一个特定的投资银行目前的市场份额上的表现和过去的市场份额，分析其影响。
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.
摘 要
本文主要研究探讨投资银行在加拿大收购公司时的市场份额和表现，以及他们之间的合并交易关系并寻求他们的意见。我们的研究提出两个替代假说的有效性，由劳（2000）：高级交易假设和交易完成的假设。前者认为管理者寻求顶级投资断定顾问，因为他们认识到他们的投资增值的能力，而后者有能力更快地完成交易。托宾Q是用来作为业绩表现的标准，与那些质量银行，以找出最优质的投资银行是否提供更大的价值。我们检查时间在两个不同的Q值变化的影响一两年后，分别合并时间点。然后我们研究一个特定的投资银行目前的市场份额上的表现和过去的市场份额，分析其影响。
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.
