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关于美国北卡卡罗莱纳大学格林斯伯勒分校安恒副教授学术讲座的通知(2018年10月11日)
时间:2018-10-08 08:39

  时间:2018年10月11日12:00-13:00

  地点:经管楼301室

  题目:The Impact of Hedge Fund Activism on Corporate Cost Behavior

  主讲人:安恒 副教授,美国北卡卡罗莱纳大学格林斯伯勒分校

  摘要:

  We examine the impact of hedge fund activism on target firms’ selling, general and administrative (SG&A) costs. After the hedge fund intervention, the SG&A to sales ratio goes down, a sign of improved operating efficiency.  Before the intervention, target firms exhibit greater level of cost stickiness which means SG&A costs fall less for sales decreases than they rise for equivalent sales increases, a symptom of agency problems according to Chen, Lu, and Sougiannis (2012).  However, hedge fund intervention significantly reduces the degree of cost stickiness, and the reduction is more pronounced in firms with severe agency problems.  Moreover, activist hedge funds concentrate their intervention efforts on firms whose SG&A expenditures create low firm values.  Finally, a tactic employed by hedge funds to change corporate cost behavior is to replace senior corporate executives.  Overall, the findings suggest hedge fund activism improves the efficiency of resource adjustments by mitigating agency problems at the target firms.

  

  个人简介:

  安恒,是美国北卡卡罗莱纳大学格林斯伯勒分校金融学(终身)副教授,Kathleen Price Bryan冠名学者。 他的主要研究领域包括公司金融、机构投资者和房地产金融。 他在知名金融、会计和房地产学术期刊发表多篇论文,并担任众多学术期刊审稿人。

  本次讲座提供午餐。有意参加的老师和研究生,可发送报名邮件至luq@ustb.edu.cn,同时确定出席人数(学生需标注个人姓名及导师姓名),以便学院准备免费午餐。

  报名截止时间为2018年10月10日(周三)17:00。

  为避免浪费,如无法参加已报名的午餐会,请务必在10月10日(周三)17:00前告知。

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