Waseda Organizational and Financial Economics Seminar:
“Venture Capital and Method of Payment in Mergers and Acquisitions” (7/29)
講演者 / Speaker
NGUYEN, Giang （名古屋商科大学 ビジネススクール 助教）
- 研究分野 関心領域
Corporate Finance, Mergers and Acquisitions, Corporate Restructuring, Venture Capital
日 時 / Date & Time
2019年7月29日（月） 13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1111教室
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 開会の挨拶（宮島 英昭 早稲田大学高等研究所 顧問 ／ 商学学術院 教授）
13:05～14:05 講演
14:05～14:25 質疑応答
14:25～14:30 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・教職員・一般
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
