主题：The Role of
Stock Liquidity in Mergers and Acquisitions（股票流动性在企业并购中的作用）
主讲人：黄生，新加坡管理大学李光前商德州扑克大小
金融学助理教授
日期：2016年4月13日（周三）
时间：下午2:30-4:00
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 examine how stock liquidity affects firms’
M&A decisions. We find that public firms with more liquid stocks are more
likely to make acquisitions and pay for them with equity. They also pay smaller
premium and experience less negative deal announcement abnormal returns in
equity deals. Our identification strategy, which relies on the change in annual
composition of Russell 2000 and Russell 1000 indices that exogenously affects
constituents’ stock liquidity, helps to establish the causal effect of stock
liquidity. Consistent with the beneficial role of stock liquidity in
acquisitions, firms tend to take actions to improve stock liquidity prior to
acquisitions. Overall, our study highlights an important role of stock
liquidity in the market for corporate control.
主讲人简介:
Sheng Huang is the
Assistant Professor of Finance at Lee Kong Chian School of Business, Singapore
Management University. He received a Ph.D. in Economics from the Washington
University in 2009. Dr. Huang’s research interests include corporate finance,
corporate governance and financial intermediation. He has articles published in
the Management Science, the Journal of
Financial Intermediation, and the
Review of Financial Studies, among others.
