财务金融系系列讲座之218期

时间：2017年10月24日（周二）13:30

地点：史带楼603室

主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University

主题：Ambiguous Return Volatility and the Family Firm Puzzle

演讲者：Prof.Nan Li  Shanghai Jiao Tong University

摘要：Conventional wisdom suggests that family shareholders should exit their large, concentrated equity stakes in publicly traded firms and seek benefits arising from diversification. We argue that concerns for ambiguity about return volatility are critical to understand the decision of family owners to hold a large portion of their wealth in a single firm. The model, in contrast to standard investment choice models or those with only ambiguity about expected returns, predicts that less wealthy, less risk averse and younger families are more likely to exit the firm. The empirical tests based on the cross-sectional data of more than 500 U.S. family firms lends support to these novel predictions. In sum, the analysis presents evidence, based on family ownership and exit decisions, that ambiguity about volatility plays an important role in investment choices, and provides an explanation for family owners’ decision to maintain control in countries with well-developed financial markets.

简介： Nan Li is Associate Professor at the Department of Finance of Shanghai Jiao Tong University, Antai College of Economics and Management. He has specialized in Financial Economics, Macroeconomics, and Econometrics. He has published papers in high quality academic journals including Journal of Political Economy. After graduating from University of Chicago, he was employed by National University of Singapore. He joined Antai College of Economics and Management in 2014. Now, he is working on several papers such as The Family Firm Puzzle and Measuring Intangible Capital with Uncertainty.

财务金融系

2017-10-20