講座人：田思楊

講座主題：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.

講座時間：2020.10.16（周五）， 14：00-15：30

講座地點：主教1006會議室

主講人簡介：田思楊，金融學博士，畢業于倫敦城市大學卡斯商學院，于2019年入職西南财經大學會計學院擔任助理教授，從事公司金融研究，包括：并購、風投/私募、公司治理，信息披露等方向。2017年赴多倫多大學Rotman管理學院訪學，2019年赴華盛頓大學Foster商學院訪學。在職期間，擔任公司财務理論（博士）、投資學、以及高級财務會計等課程的任課老師。其多次受邀參加國際學術會議如美國财務管理年會（FMA）并報告論文。