学校主页 | 中文 | English
 
 
 
 
当前位置: 首页>>科研动态>>学术活动>>正文
 
 

倪骁然 | 应用金融系第4期Seminar暨第313期外围买球双周学术论坛

[发布日期]:2020-09-07  [浏览次数]:

一、主题:两个偏度的故事——疫情职业经历、概率加权与股价崩盘风险

二、主讲人:倪骁然,2012年、2017年于清华大学经济管理学院分别获得经济学学士、应用经济学(金融学方向)博士学位。2015年9月-2016年9月在美国密歇根大学(安娜堡分校)罗斯商学院接受联合培养。现任厦门大学经济学院、王亚南经济研究院助理教授。主要研究领域为公司金融,当前研究专长主要包括利益相关者视角下的公司治理、制度变化与企业行为、企业信息环境。在《经济研究》(2篇)、《管理世界》、《经济学(季刊)》、《金融研究》、《中国工业经济》、Journal of Corporate Finance(4篇)、Journal of Banking and Finance等国内外重要学术期刊发表论文20余篇。主持国家自然科学基金青年项目。多次获得国际国内学术会议最佳论文奖。
三、时间:2020年9月14日星期一,10:00 -11:30
四、地点:腾讯会议ID:993294096
五、主持人:黄瑜琴,应用金融系主任

六、论文介绍  

Two Tales of Skewness: Professional Epidemic Experience, Probability Weighting, and Stock Price Crash Risk

Under probability weighting, entrepreneurs’ skewness preference, the tendency to seek right-skewed and avoid left-skewed risks, can affect the negative skewness of stock prices. Based on the evidence after the outbreak of Severe Acute Respiratory Syndrome (SARS), which is caused by the same family of viruses as COVID-19, we show that firms managed by CEOs who previously experienced the outbreak of SARS during their tenure of high executives have lower stock price crash risk measured by negative skewness. In particular, firms managed by CEOs with professional epidemic experience tend to disclose bad news in a timelier manner, and have lower discretionary accruals. Our overall evidence indicates that entrepreneurs with imprinted professional epidemic experience may overweight the probability of extreme tail events. As a result, they intentionally avoid stock price crashes through preventing the formation and accumulation of bad news.



上一条:李勇 | 金融工程系第8期Seminar 下一条:胡聪慧 | 金融工程系第7期seminar暨第311期外围买球双周学术论坛

关闭