5月12日 | 李嫦：International Banking Integration and Cross-border Mergers and Acquisition

地  点：中北校区理科大楼A306室

题  目：International Banking Integration and Cross-border Mergers and Acquisition

主  办：上海并购金融研究院

摘  要:

This paper demonstrates that international banking integration facilitates real sector integration through information transmission and spillover regarding target countries. Country-pair analysis shows that both cross-border banking mergers and acquisitions (M&As) and loan flows stimulate cross-border non-financial M&As. This pattern is particularly striking when target countries are physically and culturally distant or have weak institutions, or for private target firms. Furthermore, firm-level evidence shows that acquiring firms are more likely to pursue targets in countries where their lending banks have already conducted M&As or extended loans, and such acquirers, particularly those facing serious information opacity, achieve better post-merger operating performances.