【主题】The Dark Side of Corporate Information Search: Evidence from Signals of Adverse Selection by Takeover Target Firms（企业信息检索的阴暗面：来自被收购目标公司逆向选择信号的证据）

【主讲人】单耀文教授

【主持人】郑曼妮副教授

【时间】2025年10月23日（周四）15:30

【地点】文二栋301会议室

【摘要】

Existing studies document diverse benefits of information search, but company information search can also signal adverse selection. Analyzing takeover targets’ digital footprints in the pre-announcement period, we find that target information search is negatively associated with cumulative abnormal returns around takeover announcements. This effect holds for information searches involving both financial and non-financial filings, and is robust to extensive tests and two identification strategies addressing endogeneity. Information-searching targets receive lower takeover premiums, reinforcing the link between information search behavior and reduced shareholder value. By contrast, acquirers of these targets experience higher announcement returns, hire fewer financial advisors, and obtain more favorable termination terms. The negative effect of information search is stronger among targets with higher bankruptcy risk and greater CEO ownership, but is mitigated by target-acquirer social ties. Overall, our findings reveal that targets’ information search behavior conveys adverse selection signals that shape shareholder wealth and takeover outcomes.

【主讲人简介】

单耀文，悉尼科技大学会计学系教授，担任澳大利亚及新西兰会计与金融协会(AFAANZ)联席主席，研究领域包括资本市场研究、公司治理、会计选择与披露、管理层薪酬等。单教授已在国际顶尖期刊发表论文50余篇，包括The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research, Journal of Corporate Finance, Journal of Banking and Finance, Abacus, Accounting and Finance以及Australian Journal of Management等。他现任Australian Accounting Review和Accounting Research Journal的联合主编，同时担任Accounting and Finance, Australian Journal of Management, Journal of International Accounting, Auditing and Taxation的副主编。