邀请人 | 潘健平 | 职称 | 讲师 | |
专业 | 会计学 | |||
讲座题目 | Luck and Skill in the Director Labor Market | |||
拟定时间 | 2021年6月18日上午9：30 | |||
拟定地点 | 腾讯会议ID：416 126 497；密码：1234 | |||
被邀请 专家信息 | 姓名 | 殷思睿 | 职称 | Frank H. Jellinek Jr. Endowed Professor |
工作单位 | 美国迈阿密大学 | |||
研究方向 | 公司金融 | |||
简介：殷思睿老师是美国迈阿密大学Frank H. Jellinek Jr. Endowed Professor。他从美国亚利桑那大学获得金融学博士学位。他的研究成果发表在Review of Financial Studies等国际顶尖杂志。他的研究兴趣主要包括公司金融、高管薪酬以及机构投资者。 | ||||
讲座内容 | A well-functioning labor market should discriminate between lucky and skilled applicants. In this study, we ask whether the market for directors rewards skill, luck, or both, and if luck is rewarded, how does that affect the advising and monitoring functions of boards made-up of lucky directors? We find that both luck and skill are important in explaining new outside director positions. Skilled directors are more likely to get elected, accompanied by higher announcement returns, and tend to have longer tenures. Boards with skilled director appointments make better acquisitions and are associated with better firm performance. | |||
