讲座题目：Knowledge Transfer and Cross-Border Mergers and Acquisitions

　　报告人：贾潇，法国ESSEC商学院金融学博士候选人

　　报告时间：2018年12月18日下午14点00分

　　报告地点：经管院A208

　　主办单位：数理经济与数理金融系

　　主持人：李晓蹊

　　摘要:This paper investigates the role of innovation characteristics and cultural distance in cross-border mergers and acquisitions. Firms face a trade-off problem in the decision of cross-border M&As: they benefit from acquiring complementary knowledge in cross-border M&As, but face the cost arising from cultural distance. Using a unique patent-merger dataset for international firms from 2000 to 2016, I find that technology overlap and knowledge complementarity between firm pairs positively affects the incidence of cross-border deals. This relationship diminishes when the cultural distances between the firms’ country pairs are too long. Finally, I show that cross-border deals with more technology overlap and smaller cultural distance are associated with higher merger synergies and post-merger patent output.

　　简介：贾潇，法国ESSEC商学院金融学博士生候选人，荷兰Duisenberg金融学院(现阿姆斯特丹大学Duisenberg荣誉项目)公司金融与银行学硕士，华中科技大学经济学学士。曾在荷兰银行(阿姆斯特丹)、德勤(香港)实习。集中于公司金融实证研究，涉及方向包括跨国企业兼并与并购、企业创新、公司治理、新兴市场、股票分析师。