德勤－复旦会计论坛系列讲座之一百零二

5.17德勤－复旦会计论坛系列讲座之一百零二

时间：2016年5月17日（周二）下午14：30

地点：史带楼302室

主持人: 施海娜 副教授

演讲嘉宾：Jeong Bon Kim  (University of Waterloo)

Title：The Pathogen, Scapegoat, or a Miracle Drug? Short Selling and Stock Price Crash Risk

Abstract：We identify the causality between short selling and stock price crash risk. Employing the difference-in-differences approach and a regulatory change from the Securities and Exchange Commission (SEC), Regulation SHO program, as an exogenous shock, we find that the lifting of short-sale constraints reduces the stock price crash risk, and the effect is stronger for the firms with more severe agency problems and greater information asymmetry. This study sheds light on the monitoring role of short selling in the equity market and its impact on corporate governance. In addition, our results have policy implications to security market regulators.

5.24德勤－复旦会计论坛系列讲座之一百零三

时间：2016年5月24日（周二）下午13：30

地点：史带楼602室

主持人: 倪晨凯 副教授

演讲嘉宾：Martin G. H. Wu  (The University of Illinois at Urbana-Champaign)

Title：Risk Reduction by Relative Performance Evaluation in Principal/Agent Relations

Abstract：We consider that a company shares both non-diversifiable and diversifiable risks with peers. The former (latter) risk refers to uncontrollable events that affect the company “uniformly” (adversely) with the peers. The value of using peers’ performance measures in principal/agent relations (RPE) stems from minimizing the agent’s incentive risk and, hence, the risk premium that the principal must pay. We show this risk minimization results in a risk reduction that, in turn, comprises a decrease in the latter risk but an increase or decrease in the former risk. Both common risks jointly determine the optimal use of RPE. Our analysis of this joint effect extends our understanding of a company’s selection of RPE-related peer groups. Further, if empirical proxies capture only the non-diversifiable common risk, a weak-form RPE hypothesis is not only biased against finding evidence for, but also flawed in inferring, the use of RPE in executive compensation.

会计学系

2016-5-12