The effect of financial advisor reputation on mergers and acquisitions performance

Yinhui Hao and Yan Zhou

Finance Research Letters, 2025, vol. 79, issue C

Abstract: This study investigates the relationship between the reputation of financial advisors and the performance of mergers and acquisitions (M&A) among China's A-share listed companies over the 2012–2022 period. Our analysis of a sample of M&A and restructuring events reveals a significant positive association between the reputation of financial advisors and the success of M&A deals. Importantly, this positive relationship is found to be attenuated in cases involving shell listings. Additionally, we find that a higher degree of marketization enhances the positive impact of financial advisor reputation on M&A performance.

Keywords: Financial advisor reputation; M&A performance; Degree of marketization (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005446

DOI: 10.1016/j.frl.2025.107281

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