K1体育Brownbag Seminar第三期

时间：2020.10.13（星期二） 11:00-12:30

地点：通博楼D301

主持人：金智

报告人：黄承浩

报告题目：Corruption and Takeovers: Evidence from Anti-Corruption Campaign

摘要：This paper examines how local political corruption affects M&A activities. In a difference-in-difference research design by exploiting President Xi’s anti-corruption campaign across different regions in China as a negative shock to local corruption, we find that reduction in corruption increases cross-region takeover activities by 40% and deal volume by over double. Further analysis shows that the reduction in market entry barriers and decreased potential threat of political extraction could be two plausible economic channels behind these effects. Reduction in corruption also leads to higher bidder returns and improves post-acquisition performance. Overall, our results indicate that the anti-corruption campaign, which helps to curb local corruption, could trigger cross-region takeover flow.