一、主題：International Banking Integration and Cross-border Mergers and Acquisitions 

二、主講人：李嫦

李嫦為華東師範大學經濟與管理學部、上海并購金融研究院助理教授，主要研究領域為企業并購、量化曆史和公司金融；在《管理世界》、China Economic Review、Journal of International Money and Finance、Economic Modelling等國内外重要期刊發表學術論文，并主持國家自然科學基金青年項目。 

三、時間&地點：2021年3月18日（星期四）下午14:00-15:30；騰訊會議【741 337 725】 

四、主持人： 苟琴，國際金融系副教授  

五、内容簡介

Abstract: This paper demonstrates that international banking integration facilitates real sector integration through information transmission and spillover regarding target countries. Country-pair analysis shows that both cross-border banking mergers and acquisitions (M&As) and loan flows stimulate cross-border non-financial M&As. This pattern is particularly striking when target countries are physically and culturally distant or have weak institutions, or for private target firms. Furthermore, firm-level evidence shows that acquiring firms are more likely to pursue targets in countries where their lending banks have already conducted M&As or extended loans, and such acquirers, particularly those facing serious information opacity, achieve better post-merger operating performances.