This paper investigates the impact of advisors on the success of Canadian firms’ mergers and acquisitions. Using a sample of 791 deals from Canadian TSX listed acquiring firms from 2001 to 2015, we first investigate what types of firms hire advisors and top advisors in particular. Second we investigate two important hypotheses of mergers advisors role: (a) the superior deal hypothesis, which expects the improvement in firm performance after the support of an advisor; and, (b) the deal completion hypothesis, which expects higher completion rates and speed for advisor-backed acquirers. In summary, we found little support for the superior deal hypothesis. The short-term performance of an advisor-backed acquirer was significantly higher than that of non-advisor-backed acquirer only when the target has no advisor. The acquirer’s CAR was worst when both parties (acquirer and target) had an advisor. In addition, we saw no evidence that acquirers with top advisors generate higher short-term returns than those with lower tier advisors. When investigating the long-term performance, we do not find any significant evidence that advisors positively impacted value for acquirers. The same conclusion holds for the completion hypothesis as we discovered that advisors have no impact on the time to completion. All the analyses controlled for acquirer, target, and deal characteristics.

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Thesis (D. Ed.)--University of Texas at Austin, 2004. / Supervisors: Marilyn C. Kameen and Lisa S. Goldstein, Vita. Includes bibliographical references.

Thesis (M.A.)--West Virginia University, 2002. / Title from document title page. Document formatted into pages; contains vi, 60 p. : ill. (some col.). Vita. Includes abstract. Includes bibliographical references (p. 46-48).

The purpose of this study was to analyze the influence of attending the 2018 Appreciative Advising Institute (AAI) on the overall and workplace wellbeing levels of attendees. The 2018 AAI was held July 29 to August 1, 2018 in Boca Raton, Florida at Florida Atlantic University. Seligman’s (2011) PERMA model of wellbeing was used as the theoretical framework for this study and Butler and Kern’s (2013) PERMA Profiler and Kern’s (2014) Workplace PERMA Profiler were the instruments used to study the influence of attending AAI on advisor wellbeing. Three research questions provided the basis of the study. A repeated measure analysis of variance (ANOVA) was used to explore the influence of attending the Appreciative Advising Institute on wellbeing. Major findings in the study suggests overall PERMA scores were significantly influenced immediately post AAI, F(1,60) = 4.67, p = .04, ηp = 0.07, with measures of positive emotion (P), t(60) = -2.65, p = .01, and accomplishment (A) t(60) = -3.45, p = .001 being significantly improved. Workplace PERMA cores demonstrated short-term improvements as well. Specifically, measures of meaning (M) were significantly higher following the AAI t(60) = -2.17, p = .03 . In terms of long-term impact for overall PERMA, measures of positive emotion (P) remained significantly higher one month following the AAI t(46) = -2.14, p = .04. Workplace PERMA scores were significantly higher one-month post AAI, F(1,45) = 8.11, p = .01, ηp = 0.15. (Mean difference = 0.40, SE = 0.14, p = .007). Specifically, measures of positive emotion (P), t(45) = -2.53, p = .015, engagement (E) t(45) = -2.55, p = .014, relationship (R), t(45) = -2.10, p = .041, and meaning (M), t(45) = -2.17, p = .036, all were significantly higher one-month post intervention. Results suggests that attending the 2018 AAI positively influences academic overall and workplace wellbeing. Overall results suggest that attending AAI may provide a potential professional development platform for academic advising offices looking to address overall and workplace wellbeing in their advisors. Going forward, findings suggest the AAI may be a potential valuable option for higher education institutions seeking to increase the overall and workplace wellbeing levels of their academic advisors. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2020. / FAU Electronic Theses and Dissertations Collection

Background: Family firms have a strong impact on the world’s well-being, in terms of social stability, international wealth creation, and global development. Advisors appear essential to ensure the family firms’ prosperity and success, representing a potential source of advantage. There are several types of advisors working for family firms. Our study focuses on formal advisors (i.e. professionals, legally hired and paid by family firms), that either provide process or content advisory. Process advisors focus more on family dynamics and processes (e.g. relational and emotional aspect), while content advisors provide strategic services and specialized knowledge. Research Purpose: To understand how the approaches of advising family firms differ among formal business advisors.Research Problem: When advising family firms, two main type of issues can emerge. Soft issues regard personal and relational features, like emotions, while hard issues are emitted from the business, and are related to profitability and finance. In our critical literature review, we identify a gap in the existing knowledge regarding how advisors deal with soft issues when advising family firms. Although the unique characteristics and issues of family firms lead them to seek for specialized advice, they seem to be dissatisfied with the advisors’ ability to address soft issues. On the other side, content advisors show frustration in dealing with them. Research Questions: (1) How do content advisors perceive and address family firms’ soft issues? (2) How do process advisors perceive and address family firms’ soft issues? Method: Ontology – Relativism; Epistemology – Social constructionism; Methodology –Exploratory Qualitative Interview-based Study; Data collection – In-depth Interviews; Sampling – Two Purposive Criterion Samples of Content (i.e. accountants) and Process Advisors (i.e. family business advisors) (seven respondents each one); Data Analysis – Content Analysis (creation of a tree-diagram based on codes, sub-categories, categories, main categories)Conclusion: We develop a model describing how content and process advisors perceive and address soft issues, pointing out the identified differences in their approaches. Furthermore, our results suggest the existence of two level of soft issues, which adds new insights to the existing academic knowledge. Managerial Implications: We develop six main managerial implications for both content and process advisors, which we recommend as inputs facilitating the advisors’ work with family firms.

Thesis (PhD)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: Analysts are valuation specialists who advise both institutional clients and non-professional investors on the choice and timing of security purchases and sales. The analysts’ advice may have hugely beneficial or unfavourable outcomes for those who rely on them. This study investigated the possible influence of 901 local and international analysts’ recommendations that were issued from 1993 to 2011 on shares listed on the Johannesburg Stock Exchange (JSE). The short-term impact of recommendations on prices and possible behavioural tendencies among analysts, including a reported inclination to issue overly-positive recommendations, were respectively investigated in the first two empirical chapters. Thirdly, the success rate of analysts to issue recommendations with an advised directional impact and possible herding behaviour among analysts were researched. The empirical chapters conclude with an investigation into changes in investor attention (as proxied by traded volumes) and price volatility around analysts’ recommendations. The efficient market hypothesis and the ‘differences of opinion’ theories were used as fundamental points of departure and interpretation. More than 37 000 recommendations, ranging from strong buy to strong sell, were used in an event-study methodology to analyse the market’s reaction to these recommendations. Advanced modelling techniques were implemented in Excel and VBA to analyse daily consensus opinions, positive- versus negative sentiment, analyst activity and reactions, the frequency of abnormal price reactions, abnormal price movements, abnormal traded volumes, and changes in price volatility surrounding recommendation revisions. The study found that analyst recommendations were followed by an abnormal reaction in prices and that the magnitude of a recommendation’s change (e.g. a three-step change from strong sell to buy versus a one-step change hold to buy) had a greater impact than a recommendation’s absolute level. A portfolio strategy revealed the possible benefit of recommendations for investors. Analysts issued their opinions using different patterns within the five possible recommendation categories, and issued the same proportion of negative recommendations during periods of low business confidence and economic contraction than during growth- and economic upswing phases. Analysts who issued more recommendations in total were not more influential than less active analysts, and not all analysts were able to issue recommendations with a large advised directional abnormal impact. As expected, recommendations that had a large abnormal price impact generated some herding activity among the other analysts who covered the same share. Investor attention increased around the issuance of recommendation revisions, and price volatility increased after large recommendation upgrades. In support of market efficiency, investors seemed able to trade at new price levels and execute their trades with sufficient liquidity following recommendations. Results that infer differences of opinion were present both among analysts and investors: competing analysts did not issue the same recommendations for the same shares and favoured different recommendations categories; and investors only acted on some of the recommendations. Furthermore, analysts did not have the same propensity to cause abnormal price reactions. Traded volumes increased around recommendation revisions, showing that investors paid attention to recommendations. / AFRIKAANSE OPSOMMING: Analiste spesialiseer in die waardasie van maatskappye en adviseer beide institusionele- en nie-professionele beleggers rakende die keuse en tydsberekening van hul kope en verkope. Díé advies kan baie voordelige of nadelige gevolge hê vir diegene wat daarop staatmaak. Hierdie studie het die moontlike invloed ondersoek van 901 Suid-Afrikaanse en internasionale analiste se aanbevelings rakende JSE-genoteerde aandele tussen 1993 en 2011. Die eerste twee empiriese hoofstukke ondersoek (i) die korttermyn impak van analiste se aanbevelings op pryse en (ii) moontlike gedragspatrone onder analiste, insluitend ‘n gerapporteerde neiging om oor-positiewe aanbevelings uit te reik. Derdens is analiste se sukseskoers om aanbevelings met ‘n verwagte impak uit te reik en moontlike ‘trop’-gedrag onder analiste nagevors. Die empiriese hoofstukke sluit af met ‘n ontleding van veranderinge in beleggers se aandag (soos aangedui deur verhandelde volumes) en prysvolatiliteit rondom analiste se aanbevelings. Die effektiewe markhipotese en die ‘verskil in opinie’ teorie was gebruik as fundamentele grondslag en om resultate te interpreteer. ‘n Gebeurtenis-studie metodologie is gebruik om die mark se reaksie op meer as 37 000 aanbevelings, wat van sterk koop tot sterk verkoop strek, te analiseer. Gevorderde modelleringstegnieke is in Excel en VBA geïmplementeer om konsensus opinies, positiewe- vs. negatiewe sentimentsperiodes, analiste se aktiwiteitsvlakke en reaksies, abnormale prysreaksies en die voorkoms daarvan, abnormale verhandelde volumes, en veranderinge in prysvolatiliteit rondom aanbevelings hersienings te bereken en te analiseer. Die studie het bevind dat analiste se aanbevelings wel gevolg is deur abnormale prysbewegings, en dat die grootte van aanbevelings se hersienings (bv. ‘n drie-stap hersiening van sterk verkoop na koop versus ‘n een-stap hersiening van hou na koop) ‘n groter impak as die aanbeveling se absolute vlak gehad het. ‘n Portefeulje strategie het ook die moontlike voordeel van aanbevelings vir beleggers uitgelig. Analiste het verskillende patrone binne die vyf-punt aanbevelingskategorieë gebruik om hul opinies te kommunikeer, en het dieselfde proporsie negatiewe aanbevelings tydens periodes van swak besigheidsvertroue en ekonomiese afswaai uitgereik as tydens periodes van groei en ekonomiese opswaai. Analiste wat meer aanbevelings in totaal uitgereik het, was nie meer invloedryk as ander analiste nie, en nie alle analiste het aanbevelings wat ‘n groot abnormale prysreaksie veroorsaak het, uitgereik nie. Soos verwag het aanbevelings, wat groot abnormale prysbewegings veroorsaak het (invloedryke aanbevelings), ‘trop’-gedrag veroorsaak onder kompeterende analiste. Beleggers se aandag het toegeneem met die uitreik van hersienings, en prysvolatitliteit het toegeneem ná groot aanbeveling-opgraderings. Beleggers kon teen nuwe prysvlakke verhandel en hul besluite uitvoer met genoeg likiditeit nadat aanbevelings uitgereik is, wat indikatief van mark-effektiwiteit is. Resultate dui ook op verskillende opinies tussen beleggers en analiste: analiste het verskillende aanbevelings vir dieselfde aandele uitgereik en het verskillende aanbevelings-kategorieë verkies, en beleggers het nie op alle analiste se aanbevelings gereageer nie soos aangedui deur pryse en volumes. Analiste het verder nie dieselfde geneigdheid gehad om abnormale prysveranderinge te veroorsaak nie. Verhandelde volumes het toegeneem rondom aanbevelingshersienings, wat aandui dat beleggers wel aandag aan die analiste se aanbevelings gegee het.