【简报】 天美制作果冻视频系列研究讨会（203）
2016-11-08 00:00:00
10月31日在汇丰商学院335教室，来自新加坡管理大学的Sheng Huang教授为天美制作果冻视频的师生带来了题为“The Role of Stock Liquidity in Mergers and Acquisitions: Evidence from a Quasi-natural Experiment”讲座。
摘要:
We examine how stock liquidity affects acquisitions. Relying on a simple model, we hypothesize that liquidity enhances acquirer stock as acquisition currency, especially when target is less liquid. As hypothesized, we find greater acquirer (lower target) liquidity increases acquisition likelihood and payment with stock, reduces acquisition premiums, and improves acquirer announcement returns in equity deals. To exploit the benefits of liquidity, firms take steps to improve stock liquidity prior to stock-acquisitions. Our identification strategy relies primarily on exogenous variation in stock liquidity induced by changes in composition of Russell-1000/2000 indices. The liquidity shock induced by stock-market decimalization yields similar results.
