财务与金融系学术讲座系列2020年第11讲

主 题：How do Large Companies Affect Entrepreneurship: Evidence From Amazon’s HQ2 Search

主讲人: 金钊（长江商学院金融学助理教授）

协调人: 高晓丹

时 间：2020-11-27 10:00

地 点：Zoom 会议室

语 言：英文

Zoom 会议室

https://zoom.com.cn/j/61175432707?pwd=TmFhZll1bXYzdnNGQ3BYTXdFUGxOZz09

会议 ID：611 7543 2707

密码：985962

讲座摘要：

I identify a specific channel (the prospect of getting funded or acquired by large firms) through which entrepreneurship is affected. By exploiting the variation across entrepreneurs’ reactions to the two announcements of Amazon’s new headquarters (HQ2) search, I find that after the announcement of the 20 finalist cities, new startups that are the potential funding or acquisition targets of Amazon are more likely to be established in one of those 20 cities. After the winning cities were selected, the newly created potential targets of Amazon are more likely to be founded only in the winning cities but not in the losing finalist cities. I also find that there exists a local competition for startups to get funded or acquired by Amazon, which is inconsistent with agglomeration explanation. I present evidence consistent with two possible underlying mechanisms: the synergy benefits from selling out to large firms and the difficulty in obtaining early-stage funding from non-corporate investors.

主讲人简介： 

Dr. Jin is an Assistant Professor of Finance at the Cheung Kong Graduate School of Business. He received his PhD in Finance from Simon Business School, the University of Rochester. His research projects in the areas of entrepreneurship, artificial intelligence, venture capital, and M&As were awarded the 2018 Kauffman Knowledge Challenge Grant. His research about AI was covered in the New York Times, the Wall Street Journal, and Tencent News.