主題：The Role of Stock Liquidity in Mergers and Acquisitions（股票流動性在企業并購中的作用）

主講人：黃生，新加坡管理大學李光前商學院金融學助理教授

日期：2016年4月13日（周三）

時間：下午2:30-4:00

地點：清華Betvictor中文版4号樓101教室

語言：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. 

主講人簡介:

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.