【北航经管学术论坛】
中山大学徐浩峰副教授讲座通知
报告题目：Liquidity Risk and Takeovers
主讲人：徐浩峰，中山大学副教授、博士生导师
时间：10月9日，10:00
地点：新主楼A1028
报告摘要：
This paper identifies a strong effect of liquidity risk on takeover likelihood. Liquidity risk is defined as the innovation of market liquidity on risk premium. In addition, using mutual fund outflows as an instrument for liquidity shock, this paper separates the forward-looking effects from observed liquidity risk and identifies a true association between liquidity risk and takeover vulnerability. A one percentage point increase in liquidity beta will lead to a statistically significant 0.523 percentage point increase in takeover probability, relative to a 0.0488 unconditional takeover probability. The results illustrate the impact of liquidity risk channel on takeovers, indicating that financial markets have trigger effects related to liquidity risk and takeover deals.
经管学院科研办
2016-10-08
