题目：From IPO to M&A：Motivation of Takeover in the IPO Process
报告人：黄健（美）陶森大学商学院
时间：2019年6月17日上午9: 00 -11:00
地点：信息楼503
内容摘要：Does IPO deal structure condition merger activity by newly public firms? Whether a firm subsequently becomes a bidder or target depends on variables observed at the time of the IPO, including underwriter quality, amount and structure of proceeds, ownership structure, initial returns, and secondary market pricing. These results suggest that aspects of IPO deal structure reflect a firm’s strategy regarding growth through future merger activity versus an intention to sell the firm via takeover. In addition, variables observed at the time of a firm’s IPO condition stock market reaction to announcements of takeover activity. For example, returns to acquisition announcements by firms with deal structures uncharacteristic of likely bidders are positive, but returns to acquisition announcements by likely bidders are negligible. In contrast, announcement returns to newly public target firms are increasing in the ex-ante expected probability of becoming a target.
报告人简介：Jian Huang is a tenured Associate Professor of Finance at Towson University (University of Maryland System). Prior to joining TU, he taught at the University of Kansas where he also obtained a Ph.D. in Finance. His research involves corporate finance, investments, and fintech. He has more than 10 refereed journal articles to his credit, including publications in Journal of Financial and Quantitative Analysis, Journal of Business Research, Journal of Corporate Finance, Pacific-Basin Finance Journal, Journal of Financial Research, Journal of Empirical Finance (lead article), and International Journal of Hospitality Management. Harvard Law School Forum, Columbia Law School Forum, and CNN Business have featured his research and commentary. He was awarded CBE Outstanding Scholarship Award, FDRC Scholarship Award, OAI Teaching Innovation Award, and Constance B. Ducey Teaching Award. In addition, he serves as an editor of Baltimore Business Review, and was recognized by the CFA Institute as the coach of the winning team (2015) and the runner-up team (2018) of the Charted Financial Analyst Global Institute Research Challenge, DC/Maryland region.
