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(5-14PM2:30)第481期岭南学术论坛(金融学系列Seminar)

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报告题目:Does Hedge Fund Short-Termism Shape up Merger Payment?

报 告 人:Gao Ning(曼彻斯特大学 副教授)

主 持 人:潘璐瑶(中山大学岭南学院 助理教授)

时      间:2018年5月14日(周一)下午14:30—16:00

地      点:MBA大楼801

语      言:中文+英文

 

Abstract:

Using a sample of mergers and acquisitions (M&As) from 1995 to 2009, we find that the proportion of cash payment increases with hedge fund holdings in the target firms. This effect is more pronounced when bidder stocks are less liquid, hedge fund shareholders in the target firms have higher asset turnover, or when hedge funds’ holdings in a target are concentrated in a smaller number of funds. Targets with higher hedge fund holdings are more likely to accept payment in bidders’ overvalued equity. Target announcement returns are not related to hedge fund holdings, however. Our results suggest that hedge fund short-termism leads to the choice of a payment method that may be inefficient for long-term target shareholders.

 

报告人介绍: https://www.research.manchester.ac.uk/portal/en/researchers/ning-gao(78dc5598-f578-4d11-a0cf-69454704efdf).html

 

 

 

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