11.5财务金融系系列讲座之129期
时间：2013年11月5日（周二）13:30
地点：史带楼603室
主持人：Dr. Yan Luo Department of Finance, School of Management, Fudan University
主题：Investment, Idiosyncratic Risk, and Growth Options
演讲者：Prof. Chu Zhang Professor of Finance, The Hong Kong University of Science and Technology
摘要: We provide evidence in both the cross-section and time series that growth options play an important role in determining the negative physical investment-idiosyncratic risk relation. Consistent with a simple real options model, the negative relation is stronger when firms have more growth options and is a U-shaped function of the level of idiosyncratic risk. We further show that the impact of growth options is more important when the growth of the firm requires significant amount of physical investment rather than intangible investment. The effect of growth options remains strong after controlling for managerial risk aversion, investment irreversibility, product market competition, and financial constraints.
财务金融系
2013-10-30
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