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【2020-10-16 龙马奋进——学术论坛】Corruption and Takeovers: Evidence from Anti-Corruption Campaign

作者: | 发布日期:2020-10-14| 浏览次数:


 

讲座人:田思杨


 

讲座主题:Corruption and Takeovers: Evidence from Anti-Corruption Campaign


 

摘要:This paper examines how local political corruption affects M&A activities. In a difference-in-difference research design by exploiting President Xi’s anti-corruption campaign across different regions in China as a negative shock to local corruption, we find that reduction in corruption increases cross-region takeover activities by 34.9% and deal volume by double. Further analysis shows that reduction in market entry barrier and decreased potential threat of extortion could be two plausible economic channels behind these effects. Reduction in corruption also leads to higher bidder returns and improves post-acquisition performance. Overall, our results indicate that anti-corruption campaign which helps to curb local corruption could trigger cross-region takeover flow.


 

讲座时间:2020.10.16(周五), 1400-1530


 

讲座地点:主教1006会议室


 

主讲人简介:田思杨,金融学博士,毕业于伦敦城市大学卡斯商学院,于2019年入职西南财经大学龙虎游戏官网担任助理教授,从事公司金融研究,包括:并购、风投/私募、公司治理,信息披露等方向。2017年赴多伦多大学Rotman管理学院访学,2019年赴华盛顿大学Foster商学院访学。在职期间,担任公司财务理论(博士)、投资学、以及高级财务会计等课程的任课老师。其多次受邀参加国际学术会议如美国财务管理年会(FMA)并报告论文。