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【金融系學術講座】 講座題目:Board Structure, Payout Policy, and Performance during the Crisis
日期: 2019-03-29

講座題目:Board Structure, Payout Policy, and Performance during the Crisis:An Unintended Consequence of the Sarbanes-Oxley Act and the Exchange Listing Rules


Abstract:

Noncompliant firms required to raise board independence by the 2003 NYSE and NASDAQ listing rules significantly increased their dividend payouts and held less cash reserves. As the crisis unfolded, they were more likely to reduce investment and ultimately underperformed compliant firms. The underperformance was more severe for noncompliant firms facing higher costs of external financing and those with greater growth opportunities. Our evidence suggests that regulations requiring independent boards facilitate higher dividends and thereby mitigate agency costs of free cash flow. However, they may also make firms more dependent on external financing and more susceptible to adverse external financing shocks.


嘉賓簡介:

Jie Chen(陳潔),英國利茲大學(University of Leeds)公司金融副教授。2014年獲得布里斯托大學(University of Bristol)金融學博士學位, 曾在卡迪夫大學(Cardiff University)擔任助理教授。致力于公司金融、公司治理和制度改革方面的研究。在被英國商學院協會(ABS)列為國際頂尖和一流的學術期刊上發表多篇論文并擔任審稿人,如Journal of Corporate Finance, Journal of Banking and Finance 和 Journal of Empirical Finance等;曾獲得金融管理學會年會(FMA Annual Meeting)最佳論文獎。



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