【2022年1月11日】【经济与金融系学术讨论会第146期】Vertical Acquisitions, Firm Boundaries, and Social Trust
发布时间:01-07-22

题目:Vertical Acquisitions, Firm Boundaries, and Social Trust

演讲人:张括(上海交通大学安泰经济与管理学院 副教授)

时间:2022年1月11日(周二)12:00-13:00

地点:同济大厦A楼306室

Abstract:

How do a country’s informal institutions shape the boundaries of firms? We shed light on this question by examining firms’ acquisition decisions in relation to the level of societal trust. We posit that lower trust exacerbates concerns about holdup problems between firms along the supply chain, making vertical integration a more efficient way to organize production. Consistent with our hypothesis, we find that firms are more likely to make vertical acquisitions (but not horizontal ones) in countries with lower trust, especially when formal contract enforcement is weaker or when firms operate in industries more susceptible to holdup problems. Further, vertical acquisitions in low-trust countries generate higher shareholder wealth and operational efficiency improvement than those in high-trust countries. The relation between trust and vertical acquisitions persists within the U.S., where we exploit regional differences in trust.

个人简介:

张括,上海交通大学安泰经济与管理学院会计系副教授,于2016年7月毕业于香港中文大学,获得金融学博士学位。主要研究方向为公司财务、公司治理和企业并购,在Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis、Journal of Business Ethics等国际期刊发表学术论文多篇,主持一项国家自然科学基金项目,并曾获中国金融学年会最佳论文奖。

 

 

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