主    题：Liquidity Risk and Takeovers
演讲人：徐浩峰 中山大学管理学院 副教授
时    间：5月30号（周一）下午2:00-4:00
地    点：后主楼1610

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 the liquidity shock, this paper separates the forward-looking effects from observed liquidity risk and identifies the true association between liquidity risk and takeover vulnerability. A one percent point increase in liquidity beta will lead to a statistically significant 0.523 percentage points increase in takeover probability, relative to 0.0686 unconditional takeover probability. The results illustrate the impact of liquidity risk channel on takeovers and imply that financial markets have the trigger effects related to liquidity risk and takeover deals.

演讲人简介：
        徐浩峰博士的研究领域为金融市场信息利用,分析了信息的内容与传播过程对投资者的影响。在China Accounting and Finance Review、《金融研究》、《中国管理科学》等期刊发表论文十余篇。主持国家自然科学基金、广东省自然科学基金、广东省软科学以及上海证券交易所多项研究课题。