Did I Tell You About This Deal?

Information Bundling of Acquisition and Earnings News

主讲嘉宾王苏明月

报告人简介：

王苏明月，上海财经大学会计学院副教授，博士毕业于法国 ESSEC商学院金融系。研究领域为公司金融，主要研究方向包括数字经济，公司披露和公司治理。研究成果发表于Journal of Corporate Finance等权威期刊。

报告论文简介：

We study merger and acquisition(M&A)disclosures made during regularly scheduled earnings calls.These bundled disclosures have been understudied in the literature,which focuses on dedicated M&A calls.Bundled deals represent an economically significant share of merger transactions.Bundling occurs when earnings news is weak. Bundled disclosures produce lower announcement returns by~130 basis points and are associated with reduced investor attention relative to dedicated calls.Bundling is more likely when bidders suffer from agency problems,such as powerful CEOs,entrenched boards,and low institutional ownership.In bundled calls,managers discuss the transaction in an optimistic tone that contrasts with the negative tone of the rest of the call.Overall,bundling seems to be an opportunistic attempt to put a positive spin on earnings news,to which analysts respond with skepticism.Our paper contributes to the literature on voluntary disclosure and contains important practical lessons for managers,board members,and market participants.

活动时间：2026年4月2日 星期四 上午9:00-10:30

活动地点：金融学院会议室(劝学楼345小会议室)

主办单位：金融学院，实验经济学实验室

欢迎广大教师，同学参加!