@PHDTHESIS{ 2020:375221333,
 	title = {Hiring financial advisors and the influence in mergers and acquisitions transactions},
 	year = {2020},
 	url = "http://bibliotecatede.uninove.br/handle/tede/2906",
 	abstract = "Despite the growing importance of acquisitions to company ‘strategy, and the growing number of financial advisors is still unclear what motivates the company’s choices when considering hiring an advisor. In this thesis I propose to test some aspects which will affect on the hire of a financial advisor, when considering a M&A transaction. To this end, I develop three interconnected sequential studies, each with its own independent theme, method, data collection, and analysis of results. The more general objective of this thesis is to analyze how country aspects, financial advisors’ reputation and deal complexity will affect on the hire of a financial advisor on a M&A deal. The chosen method to achieve this objective in those three studies were logistic regression. In the first study, I analyze how the target country’s institutional image and home-host institutional and geographic distance influence the acquirer firms’ hiring financial advisors in cross-border acquisitions. The specific objective was to evaluate how the institutional image of the target country, and the home-host distance influences the hiring of financial advisor. Our results confirm that:  acquirer firms are more likely to hire a financial advisor in the acquirer’s country to advise a cross-border acquisition the greater the institutional distance between the countries. And, that acquirer firms are more likely to hire a global financial advisor to advise a cross-border acquisition the greater the geographic distance between the countries. In the second study, I analyze how hiring financial advisors by their reputation influences the completion and duration of M&A transactions. We argue that the highest the status of the advisor the greater de rate of completion and the faster de completion. The specific objective was to evaluate how hiring financial advisors, by their reputation, influence the completion and duration of M&A´s transactions. The findings confirm that when both parties hire a high-status financial advisor there are greater chances that M&A is completed. Moreover, the better tier classification, when we have financial advisors in both sides can also affect the completion of the acquisition, making it faster. Finally, contrary to expectations, if both parts hire a boutique advisor the duration of the pre-M&A process tends to increase, and the M&A take longer to be completed. In the third study, I analyze how the complexity of the M&A transaction can influence the acquirer firms’ hiring financial advisors in acquisitions. We argue that the acquirer is more likely to hire a financial advisor when acquiring control of the target. We also propose that deal size, the acquirer previous experience and the relatedness of the counterpart’s industry can influence this relation. The specific objective was to evaluate how the deal complexity influence on the hire of a financial advisor. Our results confirm that buying a minority stake of a target combined with a more complex transaction in terms of size and more previous experience the acquirer company will have more chances to hire a financial advisor. Larger the deal size, more the acquirer tends to hire a financial advisor. Other important discover was that more experience the acquirer has in M&A transactions more they hire an advisor. And finally, we found the relatedness of the industry between the acquirer and the target doesn´t motivate the acquirer in hiring an advisor. Thus, in this thesis I contributed to the theme financial advisors and what are the influences of hiring them in merger and acquisition transactions.",
 	publisher = {Universidade Nove de Julho},
 	scholl = {Programa de Pós-Graduação em Administração},
 	note = {Administração}
}