会计系学术讲座系列2020年第6讲

主 题：Corruption and Takeovers: Evidence from Anti-Corruption Campaign

主讲人: 田思杨

协调人: 张敏 王玉涛

时 间：2020-11-11 10:30

地 点：明德商学楼706会议室

语 言：中文

讲座摘要：

This paper examines how political corruption affects M&A activities. In a difference-in-difference research design by exploiting the anti-corruption campaign across different regions as a negative shock to local political corruption, we find that reduction in corruption increases cross-region takeover activities by 40% and deal volume by over double. Further analysis shows that the decrease in market entry barriers and decreased potential threat of political extraction could be two plausible economic channels behind these effects. Reduction in corruption also leads to higher bidder returns and improves post-acquisition performance. Furthermore, such a campaign results in more cross-border M&A transactions and better local economic development (higher GDP per capita growth, higher general government revenue per capita, and lower unemployment rate). Overall, our results indicate that the anti-corruption campaign, which helps curb local corruption, could trigger cross-region takeover flow and lead to better economic outcomes.

主讲人简介:

田思杨，金融学博士，毕业于伦敦城市大学卡斯商学院，于2019年入职西南财经大学会计学院担任助理教授，从事公司金融研究，包括：并购、风投/私募、公司治理，信息披露等方向。2017年赴多伦多大学Rotman管理学院访学，2019年赴华盛顿大学Foster商学院访学。在职期间，担任公司财务理论（博士）、投资学、以及高级财务会计等课程的任课老师。其多次受邀参加国际学术会议如美国财务管理年会（FMA）并报告论文。