报告：Do Military Directors Improve Stock-Price Informativeness？
摘要：Military training promotes leadership skills and emphasizes a unique value system encompassing integrity, duty, selflessness and self-discipline. We hypothesize that directors with military experience encourage timely disclosure of firm-specific information, which leads to higher stock-price informativeness. Based on a sample of listed firms in 56 countries over the period 1999-2016, we document that having a military director on board is positively related to idiosyncratic volatility, informed trading and shorter price delay. Exploiting exogenous variations in the likelihood of having military directors variously as a result of conscription or of a military coup, we confirm the robustness of these results. Taken together, the findings suggest that directors with experience of military service shape the organizational ethical climate and influences the monitoring function of the boards on which they serve.
刘贤达，英国爱丁堡大学（University of Edinburgh）会计与金融博士研究生。研究方向：公司金融，公司治理，企业社会责任与金融创新。