Waseda Organizational and Financial Economics Seminar:
“Venture Capital and Method of Payment in Mergers and Acquisitions” (July 29)
講演者 / Speaker
NGUYEN, Giang （Tenure-Track Assistant Professor, NUCB Business School）
- Field of Research Interests
Corporate Finance, Mergers and Acquisitions, Corporate Restructuring, Venture Capital
日 時 / Date & Time
Monday, 29 July 2019, 13:00 – 14:30
会 場 / Venue
Rm. 1111 on the 11F, Building 11, Waseda University
主 旨 / Outline
“Venture Capital and Method of Payment in Mergers and Acquisitions”
We examine the relationship between venture capital (VC) backing and the choice of payment in mergers and acquisitions. We find that VC-backed targets receive a significantly higher fraction of stock and a greater likelihood of all-stock offers than non-VC-backed targets, even after controlling for self-selection bias, differences between VC-backed and non-VC-backed targets, and VC bridge-building between targets and acquirers. VC-backed targets tend to hold more acquirer stock when the acquirer is young and small, risky, has large investments, and demands VC expertise. Independent VCs like private equity funds prefer stock payment, while corporate VCs are natural between the choice of stock and cash. We also document that the performance of acquirers improves positive in the short-term and long-term when VC-backed targets choose stock payment. Altogether, our results indicate that VCs strategically hold shares of acquirers; especially, those who meet their investment interests, which eventually contribute to the acquirers’ performance.
プログラム / Schedule
13:00～13:05 Opening Remarks （MIYAJIMA, Hideaki (Advisor, WIAS / Professor, Waseda University)）
13:05～14:05 Presentation
14:05～14:25 Question-and-answer session
14:25～14:30 Concluding Remarks（MIYAJIMA, Hideaki ）
対 象 / Prospected Audience
Faculty and staff members of a university, grad students, undergraduates, the general public
主 催 / Organizer
Research Institute of Business Administration, Waseda University
Waseda Institute for Advanced Study, Waseda University
申込み / Registration
Free of charge. Please come to the event venue directly.
