暨南经院学术系列活动之
经济学系列Seminar第250期
主 题：Share pledge, risk of losing control and corporate acquisitions
主讲人：申殷杰（克里夫兰州立大学）
主持人：胡媛
会议时间：2021 年 6 月 24 日（周四）上午10:00-11:30
会议工具：腾讯会议（ID：126 217 307；会议密码：202106）
摘要
Utilizing a sample of Chinese listed firms from 2010 to 2018, we find firms with pledging controlling shareholders are more likely to make M&A announcements. This relationship is more pronounced when the marginal call pressure is higher, consistent with a control rights-based explanation. Our results are robust to different measures of share pledge, different estimation methods, an IV based analysis, a placebo test and alternative explanations that the results are driven by shareholder expropriation or optimism. Additionally, we find pledge related M&As are associated with lower success rate, longer trading suspensions, and smaller yet positive market returns.
★主讲人简介★
Dr.Yinjie Shen obtained his Ph.D in Finance from Rensselaer Polytechnic Institute in 2017 and is currently serving as an Assistant Professor at Cleveland State University. Before that, he served as a lecture at Fordham University. Dr.Shen's research mainly focuses on empirical corporate finance and financial accounting. His papers have been accepted at Journal of Financial Economics, Journal of Financial Stability, Emerging Markets Review, and others. He also has papers under revision at Journal of Empirical Finance and Journal of Business Finance and Accounting. He has presented at many influential conferences such as Financial Accounting and Reporting Section Midyear Meeting. Dr.Shen currently serves on the editorial board of China Finance and Accounting Review and Transnational Corporate Review. Dr.Shen is also a CFA Charterholder.
