學(xué)術(shù)講座：Do Firms Respond to Industry Rising Stars: Evidence from Corporate Cash Holdings

 

時間：2017年4月6日 12:10 地點：博學(xué)樓918 摘要：Fast-growing star firms lead competition of their industries. We identify the rising star of an industry as the industry’s fastest-growing firm in the past three years, and define the industry star index as the growth rate of the star firm minus industry average. Using this index to capture the competitive pressures of rising stars on industry peers, we show that the rise of stars significantly affects peer firms’ corporate policies such as cash holdings. Specifically, firms in industries with a high (top-quartile) star index increase their cash-to-assets ratios by 0.5 percentage points more than firms in other industries. This increase of cash is equivalent to U.S. $5.5 million per year. The effect maintains after controlling for extant measures of product market competition, suggesting that the star index captures competitive forces beyond what are captured by extant measures.   演講人簡介：蘇循華，挪威經(jīng)濟學(xué)院（Norwegian School of Economics，NHH）金融系助理教授。蘇老師2015年加入挪威經(jīng)濟學(xué)院, 之前曾在挪威科技大學(xué)（Norwegian University of Science and Technology，NTNU）工作過2年。蘇老師于2012年畢業(yè)于挪威經(jīng)濟學(xué)院，并于2011年到2012年在沃頓金融機構(gòu)中心（Wharton Finance Institutions Center）、挪威中央銀行（Norwegian Central Bank）和瑞士金融學(xué)院（Swiss Finance Institute）訪問。蘇老師也曾在中國電信深圳特區(qū)任經(jīng)理和工程師職位。蘇老師的研究領(lǐng)域包括理論和實證公司金融，銀行和金融合約理論，并在the Journal of Financial and Quantitative Analysis, Journal of Money, Credit and Banking 以及Financial Management等頂級雜志上發(fā)表多篇文章。蘇老師于2013和2014年在西部金融協(xié)會年會（Western Finance Association Annual Conference）上宣講文章，并于2012年獲得夏一紅最佳論文獎（2012 CICF）。