题 目：Does Cross-Border M&As Create Value?
主讲人：Xian Sun博士(Johns Hopkins Carey Business School, USA)
时 间：2013年6月26日（星期三）上午8:30-10:00
地 点：主楼326会议室
主讲人简介：
Dr. Sun received her PhD in finance from Rensselaer Polytechnic Institute in 2006. She worked for Office of Comptroller of Currency, the supervisor of US national banks, for 3 years after graduation, where she was promoted to the position of senior Financial Economist. Dr. Sun then joined Carey Business School of Johns Hopkins University as the tenure-tracked Assistant Professor in Finance. She has published in prestigious financial journals such as Journal of Financial Quantitative Analysis, Journal of Banking and Finance, Journal of International Money and Finance, Journal of Business Research, Journal of Financial Stability, and Comparative Economic Studies. Her research interests include emerging markets, political institutions and financial institutions.
内容简介：
In contrast to the previously documented cross-border discount, we find that there is positive cross-border effect for US acquirers during late 1990s and early 2000s. This is especially particular the case for those that acquire/merge with targets from segmented financial markets where acquirers experience significantly higher positive abnormal returns than those that acquire targets from integrated financial markets. Furthermore, firms acquiring segmented-market targets are also characterized by significantly higher post-merger operating performance improvement. Given the propensity to conduct M&A activities among firms, one natural question is whether firms learn by observing others so as to enhance the performance of their own acquisition. We study whether firms can learn by observing others to acquirer in two scenarios. In the observable actions scenario, acquirers can observe the actions but not the outcome of the actions of their predecessors; in the observable signals scenario, acquirers can observe both the actions and the outcome of the actions of their predecessors. Using a sample of cross-border M&As conducted by U.S. acquirers, we show that there are significant and positive relationships between the observing variables and firm performance improvement especially when observing is measured by signals. This pattern is particularly evident when firms acquire targets from non-advanced economies, non-English speaking countries, and countries with cultures that are very different from the U.S.