题目：Ownership Structure and M&As: Evidence from China
主讲人：Xian Sun 教授（Johns Hopkins University）
时间：2015年6月19日下午16:00-17:30
地点：主楼426
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, and Journal of Corporate Finance. Her research interests include emerging markets, cross-border M&As, creditor rights and CEO compensation.
内容简介：
    We study how ownership structure impacts M&A outcome before and after the deal completion. Our results suggest that while the state-owned acquirers seem to get assistance in selecting targets, the synergy realization depends on post-acquisition integrations. We show that those state-owned acquirers privatize after the transaction are more likely to achieve synergy realization, measure by the profit margin and net profit changes and by the market and size adjusted three-year BHAR. The non-state acquirers, on the other hand, underperform their privatized state-owned acquirers, though the investors seem to be over optimistic at the announcement.

（主办：国际贸易与金融系）