6月9日下午，在北京大学汇丰商学院329室，来自南洋理工大学的Huasheng Gao教授为北京大学汇丰商学院师生带来一场题为“Human Capital Driven Acquisition: Evidence from the Inevitable Disclosure Doctrine”的讲座。
We present evidence that the desire to gain human capital is an important motive for corporate acquisitions. Our tests exploit the staggered recognition of the Inevitable Disclosure Doctrine by U.S. state courts, which prevents a firm’s employees from working for other firms. We find a significant increase in the likelihood of being acquired for firms headquartered in states that recognize such a doctrine relative to firms headquartered in states that do not. Our result is stronger for firms with greater human capital and for firms whose employees have better ex-ante employment mobility.