题目：Target Knowledge Structure and Post-Acquisition Target CEO Retention 

主讲人： Zhefei Li (Singapore Management University)

时间： 2018年10月30日（周二）16:30-18:00

地点：武东路100号上海财经大学中欧平台大楼106室

摘要：

We argue that the level of firm-specific knowledge in an acquisition target may affect the likelihood of the target’s CEO retention after an acquisition. Specifically, due to the important role of target CEOs in firm-specific knowledge preservation and integration, we expect a positive relationship between a target’s pre-acquisition firm-specific knowledge level and the likelihood that its CEO is retained. Furthermore, this relationship is positively moderated by the target’s pre-acquisition performance, which signals a higher value of firm-specific knowledge, and the target CEO’s tenure, which is positively associated with both the benefit of retaining and the cost of replacing the CEO. Using a sample of acquisitions involving US target firms acquired between 1995 and 2006, we find support for our hypotheses.