报告题目：Employee Reviews, Human Capital, and Private-Target Acquisitions
报 告 人：朱剑非
报告时间： 2026年10月22日（周四）15:40-17:00
报告地点：博学楼 I-206
主办单位：高等经济研究院
【报告人简介】
朱剑非，现任南方科技大学商学院助理教授，获香港大学金融学博士学位。其研究聚焦于企业金融与家庭金融，重点关注医药企业行为、医疗健康市场、金融监管及非正规金融。
【内容摘要】
We examine the role of employee reviews in private-target acquisitions. Using Glassdoor ratings and review text for U.S. private-target deals announced between 2008 and 2023, we find that higher employee ratings are associated with more positive acquirer announcement returns, stronger post-acquisition stock and operating performance, and a greater likelihood of being selected as an acquisition target. These relations are stronger when review coverage is more extensive, consistent with reviews reducing information asymmetry about otherwise opaque private firms. The effects are also more pronounced in human-capital-intensive settings, suggesting that employee reviews convey value-relevant information about human capital. Finally, using a human-supervised Generative-AI classification (based on DeepSeek-R1), we identify eight firm- and human-capital-related topics in employee reviews and show that greater employee attention to these topics is positively associated with acquirer announcement returns. Overall, our findings highlight employee reviews as an informative signal for evaluating private targets and predicting acquisition outcomes.
【更多信息】
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撰稿：王杰 审核：崔惠玉 单位：高等经济研究院
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