Совместный научный семинар МИЭФ и ЛФЭ, Kyeong Hun Lee (Tulane University)
Докладчик: Kyeong Hun Lee (Tulane University)
Тема доклада: "Human Capital Relatedness and Corporate Mergers and Acquisitions" совместно с David Mauer и Emma Xu
Тезисы доклада: We construct a measure of the pairwise relatedness of firms’ human capital to examine whether mergers are motivated by a desire to harvest synergies through complementarities in human capital. Mergers are more likely between firms with more similar human capital. Consistent with synergy creation, we find that combined acquirer and target firm announcement returns and post-merger operating cash flows increase when firms have more closely related human capital. These effects are robust to controlling for product market synergies, deal characteristics, and merging firm characteristics. Evidence suggest, however, that human capital relatedness and product market relatedness are substitutes in that the likelihood of a merger and the associated announcement returns decrease when merging firms have closely related human capital and products. Our findings support the view that combining firms to capitalize on complementarities in human capital is a significant factor motivating mergers and acquisitions.
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