4月26日财务金融系系列讲座之六十五

时间：2011年4月26日（周二） 14：00　　　　　　　　　　　　

地点：复旦大学管理学院史带楼501教室　　　　　　　　　　　

主持人：复旦大学管理学院财务金融系　周欣博士

题目： Idiosyncratic Risk, Governance and Equity Performance

主讲人：School of Finance, Shanghai University of Finance and Economics　Dr.　 Xinde Zhang　

摘要: Based on a sample of democratic firms (with five or fewer anti-takeover provisions), we examine the relationship among corporate governance, takeover vulnerability, and equity performance. We use idiosyncratic volatility as a proxy for information flow in the market of corporate control as suggested in Ferreira and Laux(2007). We find that firms that are least vulnerable to takeover threats (the least idiosyncratic volatility) outperform the others in terms of Sharpe ration and abnormal returns. We also find that market information of takeover vulnerability is negatively related to future merger and acquisition shocks. All these effects are mitigated by the Sarbanes-Oxley Act of 2002.

财务金融系

2011年4月20日