Hometown Biased Acquisitions
研究发现CEO在并购中偏好收购其童年家乡所在州的企业，小规模私有目标表现较差且治理薄弱时更明显，而大规模公开目标则能创造价值，表明代理问题和家乡优势共同驱动此类并购。
We show that chief executive officers (CEOs) exhibit a hometown bias in acquisitions. Firms are over twice as likely to acquire targets located in the states of their CEOs’ childhood homes than similar targets domiciled elsewhere. Small, private home-state deals underperform other small, private deals, and the bias is stronger when acquirer governance is lax, suggesting that CEOs acquire private home-state targets for their own benefits. In contrast, large, public home-state acquisitions are value enhancing. CEOs create value in public home-state acquisitions by avoiding extremely poor deals and through deals with higher synergies. Thus, both agency issues and hometown advantages drive home-state acquisitions.