JOURNAL OF CORPORATE FINANCE, VOLUME 52，OCTOBER 2018

CEO教育背景与并购目标选择

作者：Ye Wang (University of Arizona)

Sirui Yin (Miami University)

摘要：我们使用手工收集的2000年至2015年3574位首席执行官的教育数据，发现CEO更有可能并购总部位于这些CEO获得本科和研究生学位所在州的目标公司。这种“教育-州”模式的交易规模较大，完成率较高，并且在上市公司目标和非上市公司目标中都存在。收购者为“教育-州”模式支付较低的目标溢价，累计异常公告收益为正。综合证据表明，“教育-州”模式收购更有可能受到投标CEO对总部设在教育州的公司具有信息优势所推动。

关键词：CEO教育背景；并购；熟悉度偏误

CEO educational background and acquisition targets selection

Ye Wang (University of Arizona)，Sirui Yin (Miami University)

ABSTRACT

Using hand-collected CEO education data of 3574 CEOs over the period of 2000 to 2015, we document that CEOs are significantly more likely to acquire targets that are headquartered in those states where the CEOs received their undergraduate and graduate degrees. Education-state deals are larger, have higher completion rates, and exist with both public and private targets. Acquirers pay a lower target premium for education-state deals and the cumulative abnormal announcement returns are positive. The combined evidence suggests that education-state acquisitions are more likely to be driven by bidder CEO's information advantage toward firms headquartered in the education state.

Keywords: CEO educational background; Mergers and acquisitions; Familiarity bias

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119918300506

翻译：陈然