Essays in Corporate Finance
Location:
Ph.D. Candidate Nomalia Manna of the Finance Department will be defending her dissertation titled “Essays in Corporate Finance” on 05/28/2021.
The time and location of her dissertation defense is 9:00 am-10:30 am on Zoom
Many thanks to Nomalia’s dissertation committee: • Committee Chair: Jie Cai – Associate Professor – Drexel University • Committee Member: Edward Nelling - Professor – Drexel University • Committee Member: Michael Gombola - Professor- Drexel University • Committee Member: Thomas Chiang – Marshall M Austin Professor – Drexel University • Committee Member: Nathan Mauck - Associate Professor – University of Missouri, Kansas City
Abstract for Job Market Paper: Using pairwise matching between target firms and potential financial advisors, I find that 41% of firms targeted by serial acquirers use the financial advisor of a previous target of the same acquirer. After controlling for other prior relations and reputation, I find that targets hire these advisors with a 14% higher likelihood than others. These targets earn higher returns and can complete deals faster, while the serial acquirers suffer from lower returns. The results suggest that these “repeated advisors” have an information advantage that they can transfer to the targets. The results also provide a potential explanation for why serial acquirers perform poorly in their later deals.