Stock Liquidity, Mergers, and Valuation
| 主讲人 |
An Yan(美国福特汉姆大学 |
简介 |
In the paper, we study the relation between stock liquidity and firm value in relation to the mergers and acquisitions. We find that a firm’s value on average is positively related to its stock liquidity. However, the positive relation becomes less pronounced when the firm has a higher likelihood of being a bidder. A firm’s value could even be negatively related to stock liquidity when the firm has a sufficiently high likelihood of being a bidder. We also find that once a liquid firm does become a bidder, investors react negatively upon the takeover announcement. These results suggest that there could exist a dark side of stock liquidity on firm value in relation to the firm’s takeover activities. Finally, we study the monitoring explanation and the overinvestment-based agency cost explanation on this dark side of stock liquidity.<br /> |
| 时间 |
2014年5月19日（周一）下午16：30-18：00 |
地点 |
经济楼N303室 |
| 讲座语言 |
English |
主办单位 |
王亚南经济研究院、经济学院 |
| 承办单位 |
王亚南经济研究院 |
类型 |
系列讲座 |
| 联系人信息 |
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主持人 |
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| 专题网站 |
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专题 |
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| 主讲人简介 |
美国福特汉姆大学（Fordham Universi |
期数 |
“WISE-SOE”2014春季学期高级经济学系列讲座第十六讲（总第313讲） |
