管理学院管理学和经济学前沿讲座之一九九讲
公司财务与金融投资学术讲座第88讲
讲座题目:Harvard MBA Alumni and their Impact on LBO Investments
主讲嘉宾:Betty (H.T.) Wu,Assistant Professor,
University of Glasgow Adam Smith Business School
讲座时间:2015年7月3日(周五)15:00-16:30
讲座地点:管理学院善思堂M201
主 持 人:李东辉教授
主办院系:财务与投资系
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摘要:We study the impact of education and alumni networks on 941 LBO investment decisions from 1991 to 2004. Exploiting confidential private placement data on deals and educational background of senior management in LBO firms, we find that LBO syndication serves to overcome financial constraints and allow co-investors to diversify their investments. When it comes to LBO syndication partners, Harvard MBA alumni are more likely to co-invest with each other. And, this partnership results in superior performance for co-investors by facilitating information flow that alleviates agency costs among syndicate partners.