时 间：2017年6月16日（周五）上午10：15-11：30
地 点：浙江大学紫金港校区行政楼702会议室
主讲人：刘婷婷副教授，美国克瑞顿大学（奥马哈）
主持人：黄英教授，浙江大学管理学院
题 目：Vote Avoidance and Shareholder Voting in Mergers and Acquisitions
摘 要：
Using a hand-collected sample of U.S. stock deals over the period 1995-2015, we examine whether and how the requirement of acquirer shareholder voting affects deal quality. We find evidence that acquirer management substitutes stock with cash to bypass shareholder voting, and that deals by passing shareholder voting have lower announcement returns than those that do not. Employing a regression discontinuity design, we show a positive effect of shareholder voting on deal quality that is concentrated among acquirers with higher institutional ownership and acquirers buying targets with greater information asymmetries. We conclude that shareholder voting mitigates agency problems in mergers and acquisitions.
主讲人简介：
Professor Liu is Assistant Professor of Finance at Creighton University in Omaha, Nebraska, USA. She holds a Ph.D. in Finance from University of Georgia. She has been a CFA charter holder since 2011. Professor Liu’s research focuses on empirical corporate finance, financial institutions, and investments. Professor Liu has made numerous presentations at national and international finance conferences. Her research has been published in the Journal of Corporate Finance. She won the Wharton-School-WRDS Outstanding Paper Award in empirical finance at the 2015 Eastern Finance Association Conference.
