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【2020-1-8 龙马奋进——博士生论坛】

作者: | 发布日期:2019-12-24| 浏览次数:

时间:2020年1月8日(周三下午),16:00-18:50

地点:学院南路学术会堂603会议室

研讨会详细议程:

 

16:00-16:50

报告一:The importance of entrepreneurial narcissism in venture capital investments

报告人:姜易(新加坡国立大学)

摘要:This study examines how entrepreneurial narcissism affects venture capital (VC) investment and contracting. Narcissistic leaders exhibit both positive (e.g., self-confidence, passion, charisma, vision) and negative (e.g., self-centeredness, dominance, over-sensitivity to criticism) personality traits. Hence, it is interesting to examine how VCs take advantage of the positive aspects of narcissistic entrepreneurs while minimizing the negative aspects. Using hand collected datasets of narcissism and VC deals, I find that VCs prefer to invest in firms with narcissistic entrepreneurs. Conditional on VC investments, VCs also provide more funding to narcissistic founders. On the other hand, I find that VCs are more likely to impose contingent contracts on narcissistic leaders to protect themselves from the dark side of entrepreneurial narcissism. In addition, the restrictiveness levels of contingencies are also positively associated with level of entrepreneurial narcissism. Overall, these results suggest that entrepreneurial narcissism is an important factor influencing VC investments. Moreover, VCs have developed effective contractual control provisions to deal with the downside resulting from the negative aspects of entrepreneurial narcissism.

 

17:00-17:50

报告二:客户年报语调具有供应链传染效应吗?——企业现金持有的视角

报告人:底璐璐(暨南大学)

摘要:利用我国上市公司前 5 名大客户是否为上市公司以及上市客户年报管理层语调的文本分析数据,本文考察了跨企业关系情形下客户年报语调对供应商企业现金持有决策的影响。研究结果发现,客户的年报语调越消极,供应商企业则会“未雨绸缪”,持有更多的现金,表明客户年报净负面语调在供应链上存在传染效应。进一步的研究发现,非国有性质、相对议价能力较低的供应商企业现金持有与客户年报负面语调的正相关关系分别显著强于国有性质、相对议价能力较高的供应商企业。此外,当客户融资融券程度较高时,客户年报负面语调对供应商企业现金持有的正向影响会有所增强。本文的研究不仅在考察跨企业情形下企业现金持有的影响因素以及客户文本信息的经济后果两方面弥补了国内外现有研究的不足,而且对于企业如何进行现金持有决策提供了一定的经验证据与参考,这对于管理供应链相关风险,推动我国企业的供应链整合进而提升我国企业的全球竞争力具有重要的启示意义。

 

18:00-18:50

报告三:Strategic Alliance and Analyst Behaviors

报告人:罗棪心(北京大学)

摘要:This study examines the antecedents and consequences of analysts choosing to follow a firm and its strategic alliance partners. We find that information transferring along strategic alliance affects analyst coverage decisions and their forecasts. Analyst is more likely to initiate coverage of a covered firm’s alliance partner after the alliance is formed. Analyst who follows a covered firm’s alliance partner provides superior performance than analysts who do not. Overall, the evidence suggests that information transferring along strategic alliance is critical for analyst coverage decision and performance.

 

报告人简介:

姜易,新加坡国立大学会计系博士研究生。研究方向为风险投资及其对赌协议、信息披露质量、盈余管理。

底璐璐,暨南大学管理学院会计学系博士研究生,曾受国家留学基金委项目资助赴美国佐治亚理工学院学习一年。研究方向为管理会计(包含档案式研究与实验式研究)与公司财务,曾在《金融研究》和《南开管理评论》期刊发表过论文。

罗棪心,北京大学光华管理学院会计学系博士研究生,曾受国家留学基金委项目资助赴美国耶鲁大学访问一年。研究方向为财务会计,曾在《金融研究》和《审计研究》期刊发表过论文。