报告人：单耀文，悉尼科技大学会计学系教授

时 间：10月13日13:30-15：30

地 点：同济大厦A楼308教室

讲座简介 中英文

现有研究证实信息搜寻具有多重益处，但公司信息搜寻也可能引发逆向选择。通过分析被收购目标在公告前的信息化轨迹，我们发现被收购目标公司的信息搜寻行为与其收购公告期间的累计异常收益呈负相关。该效应同时适用于其对财务与非财务文件的信息搜寻，经广泛检验及两种解决内生性问题的识别策略验证后仍保持稳健。我们发现被收购方若进行信息搜索，其获得的收购溢价更低，这强化了信息搜索行为与股东价值缩水之间的关联。相反，收购方在公告日获得更高回报，聘请的财务顾问更少，且能获得更有利的终止条款。当被收购目标公司破产风险较高且CEO持股比例较大时，信息搜索的负面效应更为显著，但目标公司与收购方之间的社会联系可缓解这种影响。总体而言，我们研究发现目标公司的信息搜寻行为传递着逆向选择信号，这种信号塑造了股东财富与收购结果。

Existing studies document diverse benefits of information search, but company information search can also signal adverse selection. Analyzing takeover targets’ digital footprints in the pre-announcement period, we find that target information search is negatively associated with cumulative abnormal returns around takeover announcements. This effect holds for information searches involving both financial and non-financial filings, and is robust to extensive tests and two identification strategies addressing endogeneity. Information-searching targets receive lower takeover premiums, reinforcing the link between information search behavior and reduced shareholder value. By contrast, acquirers of these targets experience higher announcement returns, hire fewer financial advisors, and obtain more favorable termination terms. The negative effect of information search is stronger among targets with higher bankruptcy risk and greater CEO ownership, but is mitigated by target-acquirer social ties. Overall, our findings reveal that targets’ information search behavior conveys adverse selection signals that shape shareholder wealth and takeover outcomes.

个人简介

单耀文，悉尼科技大学会计学系教授，现任澳大利亚及新西兰会计与金融协会(AFAANZ)联席主席。研究领域包括资本市场研究、公司治理、会计选择与披露、管理层薪酬等。单教授已在国际顶尖期刊发表论文50余篇，包括The Accounting Review、Review of Accounting Studies、Contemporary Accounting Research、Journal of Corporate Finance、Journal of Banking and Finance、Abacus、Accounting and Finance以及Australian Journal of Management等。他目前担任Australian Accounting Review和Accounting Research Journal的联席主编，同时任Accounting and Finance、Australian Journal of Management、Journal of International Accounting, Auditing and Taxation的副主编。