加拿大University of British Columbia Kai Li 教授学术讲座 2012-08-22 报告题目：Corporate Innovations and Mergers and Acquisitions报 告 人：University of British Columbia, Prof. Kai Li时 间：2012年8月23日（星期四）上午10:30-12:00地 点：911制品厂麻花 313 教室AbstractUsing a large and unique patent-merger dataset over the period 1984-2006, we uncover a specific source of synergies—corporate innovation activities—that drives acquisitions. We first show that companies with large patent portfolios and low R&D expenses are more likely to be acquirers, while companies with high R&D expenses and slow growth in patent output are more likely to be acquired. Furthermore, the existence of technological overlap between any two firms has a positive and significant effect on merger pair formation. We then show that this positive effect is reduced for firm pairs that also overlap in product markets. Finally, using a quasi-experiment of withdrawn bids due to reasons exogenous to innovation, we show that mergers involving acquirers with prior technological linkage to their target firms produce significantly more patents after deal completion than acquirers without such linkage. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions. EducationPhD in Economics, University of Toronto.MA in Economics, Concordia University.BSc in International Business, School of Management, Jiaotong University.Special Class for Gifted Young People, Jiaotong University.Professional Employment Record2008 - W.M. Young Professor of Finance, Professor.2004 - 2005 Visiting Associate Professor of Finance, MIT Sloan School of Management 欢迎广大师生参加！管理学院2012年8月20日