主题：Technological Changes
and the Evolution of IPO and Acquisition Activities（技术变革、IPO演变与收购活动）
主讲人：Laurent Fresard，瑞士卢加诺大学金融学教授
日期：2018年3月21日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We use
textual analysis of 7.9 million patents from 1930 to 2010 to examine funding
and evolutionary patterns of young private rms. We propose that three dimensions
of firms' innovation-fluidity, complexity, and proximity to potential buyers-are
related to which firms receive VC funding and experience long term outcomes of
IPO, acquisition, or failure. We and that firms innovating in rapidly evolving
(fluid) technologies or producing more complex patents are more likely to exit
via IPO and less likely to fail or be acquired. Conversely, firms are more likely
to be acquired when their innovation is similar to that of large publicly
traded firms. In out of sample tests, these factors collectively explain
roughly 20% of the well-known decline in IPOs and 60% of the rise in
acquisitions since the mid-1990s.
主讲人简介:
Laurent
Fresard is Professor of Finance at University of Lugano. He received his Ph.D.
from University of Neuchatel, Switzerland and works on topics in corporate
finance, real effects of finance, product markets, industrial organization,
international finance, mergers and acquisitions, cross-listings, innovation. His
research has appeared in Review of
Financial Studies, Management Science, Journal
of Financial Economics and Review
of Finance etc.
