Finance Seminar（2016-14）

Topic: State Ownership and Market Liberalization: Evidence from China’s Domestic M&A Market

Speaker: Xian Sun,Johns Hopkins University

Time: Wednesday, 15 June, 10:00-11:30

Place: Room 217, Guanghua Building 2

Abstract:

We study how state ownership affectsthe post-merger performance of Chinese acquirers,and find that state owned acquirers (SOEs)experience a significantly larger long-term performance improvement following mergers compared to their non-state counterparts (NSOEs). When partitioning the sample period into acquisitions made prior to and following China’s split-share reform of 2005, we find that the performance improvement of SOE acquirers is largely attributed to the post- reform period in which non-tradable shares were converted into tradable status. Our results are consistent with the interpretation that state intervention in the form of capital market liberalization, elimination of dual share ownership, political connections, and privileged access to financing have a positive effect on M&A performance.

Introduction:

Xian Sun, PhD (Finance, Rensselaer Polytechnic Institute) joined the Johns Hopkins Carey Business School in 2009. She is an Assistant Professor in the research track with expertise in the areas of emerging capital markets, institutional shareholders, and mergers and acquisitions.

//carey.jhu.edu/faculty-research/directory/xian-sun-phd/

Your participation is warmly welcomed!