约翰霍普金斯大学孙娴博士于6月19日在主楼426室进行了关于“Ownership Structure and M&As: Evidence from China”的学术报告，国际贸易与金融系马明老师主持了讨论。    
    孙娴博士研究股权结构在并购交易完成前后对其结果的影响。研究结果表明，虽然国有收购方似乎在选择目标时得到援助，然而协同效应的实现取决于收购后的整合。根据衡量利润和净利润的变化，以及购入-持有异常收益法（BHAR）下市场规模的调整研究发现，这些国有收购方私有化后的交易更有助于协同效应的实现。另一方面，与私有化国有收购方相比，非国有收购方表现欠佳，但投资者似乎对此仍保持乐观的态度。学术报告后，与会的老师、同学积极与孙娴博士交流了相关问题。
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.

（审核：颜志军）