科学研究
报告题目：Vertical Acquisitions, Firm Boundaries, and Social Trust
报告人：张括
报告时间：2022年5月9日（周一）15:30-17:30
报告地点：腾讯会议（会议ID：490 941 873）
主办单位：东北财经大学会计学院
【报告摘要】
How do a country’s informal institutions shape the boundaries of firms? We shed light on this question by examining firms’ acquisition decisions in relation to the level of societal trust. We posit that lower trust exacerbates concerns about holdup problems between firms along the supply chain, making vertical integration a more efficient way to organize production. Consistent with our hypothesis, we find that firms are more likely to make vertical acquisitions (but not horizontal ones) in countries with lower trust, especially when formal contract enforcement is weaker or when firms operate in industries more susceptible to holdup problems. Further, vertical acquisitions in low-trust countries generate higher shareholder wealth and operational efficiency improvement than those in high-trust countries. The relation between trust and vertical acquisitions persists within the U.S., where we exploit regional differences in trust.
【报告人简介】
张括，上海交通大学安泰经济与管理学院会计系副教授，于2016年7月毕业于香港中文大学，获得金融学博士学位。主要研究方向为公司财务、公司治理和企业并购，在Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis、Journal of Business Ethics等国际期刊发表学术论文多篇，主持一项国家自然科学基金项目，并曾获中国金融学年会最佳论文奖。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
