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X-WR-CALNAME;VALUE=TEXT:Harvard Business School International Seminar 
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SUMMARY:Harvard Business School International Seminar 
DESCRIPTION:<h2>“The Power of Silent Voices: Employee Satisfaction and Acquirer Stock Performance” </h2><h3>Speaker:</h3><p><strong>Sea-Jin Chang</strong>, <em>Lim Kim San Chair Professor, National University of Singapore.</em></p><h3>Contact:</h3><p><strong>Katie Moore</strong><br>kmoore@hbs.edu<strong><!--break--></strong></p><h3>Chair:</h3><p><strong>Raj Choudhury</strong>, <em>Assistant Professor of Business Administration, Technology and Operations Management Unit, Harvard Business School.</em></p><h3>Abstract: </h3><p>Employees are a firm’s most valuable asset. To test whether this statement is more than just rhetoric, we assemble a novel social media dataset that captures the level of employee satisfaction in S&amp;P 500 firms and explore its relationship with stock returns in the aftermath of mergers and acquisitions. Our results show that employee satisfaction has a strong long-term positive effect on acquirer stock performance, even though its short-term effect on cumulative abnormal returns is largely insignificant. This is in contrast with previous studies wherein the external evaluations of corporate social responsibility have had significant short-term but weaker long-term effects on equity prices. Our results suggest the stock market is unable to fully incorporate the value of employee satisfaction.</p><p> </p><p> </p>
LOCATION:Baker Library, 25 Harvard Way, Room 103
STATUS:CONFIRMED
DTSTART:20170202T170000Z
DTEND:20170202T180000Z
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