Homophily and Merger Dynamics
提出一个多维度同质性指标，衡量收购方与目标公司CEO之间的相似性，发现同质性越高，并购交易越可能发起和完成，且更可能用现金支付、创造长期价值、减少溢价过高。
Abstract We propose a novel multi‐factor metric of homophily between the CEOs of the acquirer and target firms as a causal determinant of mergers and acquisitions (M&As). We find strong evidence that higher homophily among the two CEOs increases the likelihood of M&A deal initiation and completion. When homophily is high, deals are more likely to be paid in cash, exhibit significantly larger long‐term value creation and are less subject to ex‐ante overpricing as measured by ex‐post goodwill write‐offs. These effects stem from similarity between CEOs creating trust, reducing information asymmetry and facilitating effective communication. Our approach resolves prior conflicting results on the effect of homophily on large corporate decisions and strongly indicates the need for a multi‐dimensional estimation of homophily to obtain conclusive results.