科学研究
报告题目：Equity Trading Halts and Market Reactions: The Evidence of M&As in China
报告人：In-Mu Haw
报告时间：2023年7月10日（周一）14:00-15:30
报告地点：劝学楼245
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
Investors often react negatively to merger and acquisition (M&A) announcements. This study examines how integrative information strategies might help reverse this outcome. Drawing first from signaling and efficient market theories, we argue that managers use information signals to capture investor attention, provide the firm opportunity to share positive information about a forthcoming M&A, which investors subsequently factor into the firm’s financial value once the announcement is made. Next, combining anticipatory impression management with priming theory, we argue that longer periods for sharing information prior to the M&A announcement will be related to investor reaction in an increasingly positive manner. We test these arguments using equity trading halts, whereby firms suspend the exchange of their stocks, disseminate information about a forthcoming M&A, and then formally announce the deal once trading is resumed. Data from tests of 1,584 M&As made in China during 2007-2016 support expectations.
【报告人简介】
In-Mu Haw（许仁茂），现任美国德克萨斯基督教大学尼利商学院会计学教授，东北财经大学星海讲座教授，曾任纽约市立大学巴鲁克学院会计学副教授、香港中文大学访问教授、香港浸会大学访问教授、澳门大学访问教授、香港恒生大学访问教授等。许教授已在高质量会计、金融和管理学期刊如Journal of Accounting Research、The Accounting Review、Journal of Accounting and Economics、Review of Accounting Studies、Contemporary Accounting Research、Journal of Operations Management、Auditing: A Journal of Practice and Theory、Journal of Corporate Finance、Journal of Banking and Finance、Financial Management、Journal of Accounting, Auditing and Finance发表学术研究论文50篇以上，获得研究及教学表彰60项以上。许教授于2006-2022年担任The International Journal of Accounting联合主编，2019年7月起担任Review of Quantitative Finance and Accounting副主编，曾在美国、德国、中国大陆、中国香港、中国澳门教授过硕士、博士等项目。
【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。
