为了活跃澳门永利yl6776会计学科的学术研究氛围，激发既有教师与在校研究生的学术研究热情和积极性，促进教师之间、教师与研究生之间、研究生彼此之间的深入交流、思想碰撞与知识分享，我们组织了由澳门永利yl6776会计学科的常任教师、博(硕)士研究生、国际访问学者等作为报告人的系列Seminar。该Seminar将冠以“澳门永利yl6776会计学科教师与研究生系列Seminar”的总标题，从2017年3月14日起，每周周二下午15:00-17:30举行。该Seminar与已有的“财务、会计Seminar”(主要聘请校外与境外的学者担任报告人) 相互补充，以期能够更好地推动澳门永利yl6776会计学科的学术发展。

题  目：The Valuation Effect of Directors’ Sharing of Surnames

报告人：肖泽忠 教授

主持人：张国清 教授

时  间：2018年10月23日（星期二），15:00-17:30

地  点：嘉庚二203室

论文摘要：Using surname sharing as a novel measure of social ties, we examine the effect of directors’ surname sharing on firm value. We find that boards with greater surname homogeneity are associated with lower firm value, particularly when directors share rare surnames and when firms operate in regions with stronger clan systems. The finding is not driven by familial ties. The market reacts positively to plausibly exogenous director resignations that reduce director surname sharing. Director surname sharing lowers firm value by reducing director dissent, granting excess executive compensation, increasing unfair related-party transactions, and discouraging innovation.