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Professor Li Minwen from Tsinghua University

2019年10月18日 13:17  点击:[]

Time:10:30am -12:00pm August 3, 2015 (Monday)
Addr: IFS Conference Room 202 (Guanghua Campus)
Topic: Risk Shocks, Uncertainty Shocks, and Corporate Policies
Speaker: Professor Li Minwen, Tsinghua University School of economics and management
Speaker introduction:
Li Minwen, the University of Maryland Robert Smith School of Finance PhD, assistant professor of Finance Department of Tsinghua University School of economics and management. The main research areas of corporate finance, corporate governance, board of directors, the appointment and remuneration of CEO, as well as the financial development and economic growth. In 2009 so far is a member of the American Finance Association; in 2000 get first place in the State Grid Corporation of national accounting knowledge contest groups and individuals, named "accounting post pacesetter"; 2010 obtained at the University of Maryland Gerald and Deana stempler essay contest for best paper.
About professor Li Minwen's personal resume and see details:
Http://www.sem.tsinghua.edu.cn/zh/liminwen
Abstract:
We originate risk and uncertainty shock measures through textual analysis of corporate annual reports and assess their implications for corporate policies. Risk shocks are followed by long-lasting diminishing leverage, investment, employment, dividend payouts, stock repurchases, and increasing, cash holdings, with small, high credit risk, and non-profitable firms displaying stronger effects. As risk diminishes, firms need not reverse cash holdings and payouts. Uncertainty shocks are followed by a short-term reduction in leverage, while other corporate policies remain unchanged. Overall, Risk Shocks trigger persistent policy adjustments, while managers adopt a "wait-and-see" strategy until uncertainty resolves. The evidence is robust to vari Ous considerations.
Contact: ye Dan, Zhang Bohuai
Tel: 8709904687099047
E-mail:yedan1220@126.com, wyattzh@163.com


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