讲座主题：CEO Managerial Ability and Stock Price Crash Risk (管理者能力与股价崩盘风险)
This study examines the impact of chief executive officer (CEO) managerial ability on firms’ stock price crash risk. Using a large sample of U.S. firms during 1991-2014, we find that CEO managerial ability is associated with a higher likelihood of a firm’s future stock price crashes. The positive relation between managerial ability and crash risk is more pronounced for firms with higher operation uncertainty and information risk. In addition, we show that bad news hoarding and overinvestment are two possible channels through which managerial ability increases crash risk. Finally, our results are robust to various sensitivity checks, including controls for firm-fixed effects and utilization of multiple measures of managerial ability and crash risk. Overall, our findings indicate that managerial ability may be costly that more capable managers may lead to higher future stock price crash risk.
讲座人简介：张亚男，中央财经大学会计学院讲师。2010和2012年于武汉大学获得学士和硕士学位，2016年于香港城市大学获得博士学位。主要研究领域为信息披露，公司治理，股价崩盘风险，以及供应链信息质量。学术成果已发表于Journal of Accounting and Public Policy, Journal of Corporate Finance等国内外期刊。