讲座题目：The Liability of Opaqueness: State Ownership and the Likelihood of Deal Completionin International Acquisitions
State-owned enterprises (SOEs) are oftenless transparent and have more complex organizational structures than othertypes of firms. This opaqueness tends to generate political resistance whenSOEs undertake cross-border acquisitions. Data on attempted foreignacquisitions by Chinese firms were analyzed to compare the likelihood of dealcompletion between SOEs and firms with other forms of ownership. The SOEs’completion rate was 14% lowerthan that of other firms. Their disadvantage was shown to be less when theycould provide credible signals by being publicly–listed (though only on an exchange in awell-developed economy and when they hired reputable auditors), having a betterpast record and hiring respected financial advisors. Overall, the evidence confirmsthat Chinese SOEs face greater resistance than other Chinese firms ininternational acquisitions, and their opaqueness aggravates the resistance.