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IAER Seminar 2019-6:王钊

报告题目:Net Share Issuance and Asset Growth Effects: The Role of Managerial Incentives

报 告 人:王钊

报告时间: 2019年12月06日(周五)15:30-17:30

报告地点:博学楼2楼东侧 I-206(高等经济研究院会议室)

主辦單位:高等經濟研究院

【報告人簡介】

王钊,首都經濟貿易大學金融學助理教授,2019年獲羅德島大學工商管理(金融方向)博士學位。研究興趣爲公司信息披露、資本市場、機構投資者和高管薪酬。

【內容摘要】

In the presence of asymmetric information, managerial equity  incentives mitigate the managers’ empire-building motives while increasing their  market-timing motives. If the market underreacts to these motives, the negative  return predicting effects of net share issuance (NSI) and asset growth (AG)  would be stronger, respectively, among stocks with higher and lower managerial  equity incentives, respectively. Our evidence supports this prediction. A hybrid  strategy, exploiting the NSI and AG effects in different groups of stocks  screened by managerial equity incentives, attains significant alphas beyond  transaction costs, even after controlling for the investment and profitability  factors known to attenuate the two effects.

詳情參見高等經濟研究院網站:http://iaer.dufe.edu.cn/


撰稿:王傑 審核:齊鷹飛 單位:高等經濟研究院