| 主讲人 |
An Yan |
简介 |
<span lang="EN-US" style="font-family: Calibri; font-size: 10.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 宋体; mso-bidi-font-family: 'Times New Roman'; mso-font-kerning: 1.0pt; mso-fareast-language: ZH-CN; mso-ansi-language: EN-US; mso-bidi-language: AR-SA">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.</span> |
| 时间 |
16:30-18:00, Monday, May 19, 2014 |
地点 |
Room N303 Economic Building |
| 讲座语言 |
English |
主办单位 |
WISE |
| 承办单位 |
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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 |
<div style="text-justify: inter-ideograph"><a name="OLE_LINK1">Professor of Finance </a>,<span>Schools of Business </span>,<span>Fordham University </span></div> |
期数 |
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