講座題目：Regression Discontinuity, Passive Institutional Investors, and Corporate Innovation

講座時(shí)間：2023年8月18日（星期五）上午9:40-11:10

講座方式：線下 博學(xué)925，& 騰訊會(huì)議ID：179-552-305

主講人：

王峻（英文名Jonathan Wang），美國(guó)紐約城市大學(xué)Baruch分校Zicklin商學(xué)院金融學(xué)教授和金融經(jīng)濟(jì)學(xué)系系主任。王教授在資產(chǎn)定價(jià)，公司理財(cái)?shù)阮I(lǐng)域發(fā)表多篇高質(zhì)量學(xué)術(shù)論文，包括《Journal of Finance》，《Review of Financial Studies》，《Review of Economic Studies》、《Games and Economic Behaviors》等，并在多個(gè)會(huì)議獲得過(guò)論文獎(jiǎng)，有較高的國(guó)際聲譽(yù)。王教授曾任上海證券交易所高級(jí)海外經(jīng)濟(jì)學(xué)家。王教授曾于1986年獲得上海市高考理科第一名，入讀復(fù)旦大學(xué)物理系，后畢業(yè)于佐治亞大學(xué)，獲得金融學(xué)博士學(xué)位。

講座簡(jiǎn)介：

In this talk, I will talk about Regression Discontinuity analysis first, and then discuss the settings of Russell 1000/2000 index reconstitution. I will also discuss a paper we wrote using this setting. In the paper, we find that greater passive institutional ownership leads to improvement in corporate innovation measured by patent quantity and quality. Our results are robust to several refinements of the identification strategy. We explore and identify three channels for such effect: first, passive institutional ownership reduces the likelihood of CEO turnover especially for firms that outperform their industry peers; second, a higher level of passive institutional ownership is associated with a greater value of non-executive employee stock options granted; third, the increased presence of passive institutional investors transfers more power to the manager.