报告题目:Direct flights and cross-border mergers & acquisitions
报 告 人:张弛 (中山大学)
报告时间:2022年10月27日 周四上午11点
地点:华南理工大学大学城校区B10北201
论文摘要:Prior evidence indicates that proximity increases investments resulting in stronger economic growth. The introduction of a non-stop direct flight between two locations in different countries allows for faster travel and a lower cost of acquiring information, potentially facilitating acquisitions abroad. We examine this channel by considering cross-border mergers and acquisitions (M&A) activity between China and the U.S. Our results suggest that direct flights matter most in target selection. Direct flights are more important for M&A activity where information asymmetry is greater and for first time acquirers in the market. We demonstrate that endogeneity is unlikely to drive the results.