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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)

主办单位:高等经济研究院

【报告人简介】

王钊,首都经济贸易大学金融学助理教授,2019年获罗德岛大学工商管理(金融方向)博士学位。研究兴趣为公司信息披露、资本市场、机构投资者和高管薪酬。

【内容摘要】

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.

详情参见高等经济研究院网站:http://iaer.dufe.edu.cn/


撰稿:王杰 审核:齐鹰飞 单位:高等经济研究院

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