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News

ICEF Research Seminar by Alexey Zhdanov (Penn State University)

On Thursday, March 21 ICEF held the Research Seminar.

Speaker: Alexey Zhdanov (Penn State University)
Theme:  "Venture Capital Investments and Merger and Acquisition Activity around the World" joint with Gordon M. Phillips 

Abstract: We examine the relation between venture capital (VC) investments and merger and acquisition (M&A) activity in 48 countries around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the hypothesis that an active M&A market provides viable exit opportunities for VC companies and therefore incentivizes them to engage in more deals. We also explore the effects of country-level pro-takeover legislation passed internationally (positive shocks), and U.S. state-level antitakeover business combination laws (negative shocks), on VC activity. We find significant post-law changes in VC activity. VC activity intensifies after enactment of country-level takeover friendly legislation and decreases following passage of state antitakeover laws in the U.S.


ICEF seminars