The Value of Marriage to Family Firms
基于泰国独特数据，首次实证发现控制家族成员的婚姻能为上市公司增加价值，尤其是与商业或政治家族联姻时，股票异常回报更高。
Abstract This paper presents the first empirical evidence showing that the marriage of a member of the controlling family adds value to public corporations. The results, based on a uniquely comprehensive data set from Thailand, show that the family firm’s stock price increases when the partner is from either a prominent business or a political family. Abnormal returns tend to be higher for firms whose operation depends on extensive networks. In contrast, marriages to ordinary citizens are not associated with any abnormal returns. These findings are generally supportive of the value of networks in general and marriage in particular.