财务与金融系2019双周论坛

主 题：并购与科技资产重估

主讲人: 高宁

协调人: 许年行

时 间：2019-03-22 10:00

地 点：明德商学楼1008室

语 言：英文

Merger announcements cause upward revisions in the market value of target firms’ technology peers, irrespective of whether targets and their peers belong to the same industry. Peers with deeper technology overlaps with targets experience more dramatic price revisions. Consistent with the acquisition probability theory, a firm is more likely to be taken over if at least one of its technology peers has recently been acquired; and peers more vulnerable to acquisitions have greater upward price revisions. Our findings demonstrate that the market for corporate control represents an important source of information to resolve the uncertainties in technology valuation.