时间：2017年3月30日（周四）15:00-16：30

地点：嘉庚二号楼501教室

题目：Governance, CEO power and relative performance evaluation effectiveness

报告人：赵静，香港理工大学财务学助理教授

主持人：孙增元，澳门永利yl6776财务管理与会计研究院财务学助理教授

论文摘要：

We study whether changes in corporate governance and CEO power affect bonus-based implicit relative performance evaluation (RPE). We rely on a regression discontinuity design of shareholder proposals to proxy for shocks to CEO power. We find that RPE strengthens after a proposal is passed, but that the effect is limited to conditions of low industry shocks. The effect of shareholder proposals on RPE is stronger under conditions where shareholder proposals are expected to better capture changes in CEO power. In terms of real effects associated and consistent with a strengthening in RPE, we find a decrease in co-movement in changes in capital and inventory investment and Tobin’s Q between firms and their peers.

报告人简介：

Jing Zhao is an Assistant Professor of Finance at Hong Kong Polytechnic University. She joined the School of Accounting and Finance in 2015 upon the completion of her PhD at University of Hong Kong. Jing’s research focuses on how investors behave in the financial market, and how such behaviors are associated with investment performance. Another line of her research examines the behaviors of corporate managers and financial analysts. She has published a paper in Review of Financial Studies.