经济与金融系学术讨论会第155期
题目:International Banking Integration and Cross-border Mergers and Acquisitions
演讲人:李嫦(华东师范大学 助理教授)
时间:2022年5月31日(周二)12:00-13:00
ZOOM线上会议
会议号:89379589867
密码:204494
参会链接:https://us02web.zoom.us/j/89379589867
摘要:
This paper demonstrates that international banking integration facilitates real sector integration. The country-pair analysis shows that both cross-border bank mergers and acquisitions (M&As) and loan flows stimulate cross-border non-financial M&As. This pattern is particularly striking when target firms are private, or when target countries have a low level of social trust or weak institutions. The firm-level evidence further shows that acquiring firms are more likely to pursue targets in countries where their lending banks have already conducted M&As or extended loans, and such acquirers, particularly those facing serious investment barriers, achieve better post-merger operating performances. To establish the causality, we perform instrumental variable estimations and, drawing on a novel dataset, employ a differences-in-differences approach in which a sparse set of domestic bank mergers are viewed as quasi-experiments which give some banks an indirect access to specific foreign country information.
个人简介:
李嫦,华东师范大学经济学院、上海并购金融研究院助理教授。2017年于香港中文大学获得经济学博士学位,2012年和2009年于复旦大学获得金融学硕士和学士学位。主要研究领域为企业并购和公司金融。近年在《Journal of Corporate Finance》《Journal of International Money and Finance》《China Economic Review》《管理世界》等国内外重要期刊发表学术论文数篇,并主持国家自然科学基金青年项目。