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[Seminar] 財金系 12/16 (五) 中午 12:30 邀請 Dr. Fengfei Li 演講
活動起日:2016-12-15 
發佈日期:2016-12-15 
瀏覽數:336  2017-02-12 更新

本系擬於 12/16 (五) 邀請 Dr. Fengfei Li 至本所進行專題演講,相關訊息如下:

 

時間: 12/16 (五) 12:30-14:00

地點: 管理學院一號館八樓財金系會議室

講者: Dr. Fengfei Li

講題: Do CEOs imprint anchoring on corporate financing decisions?

 

Abstract:

We examine whether CEOs carry personal anchoring over to corporate financial decisions. We propose a novel measure of “anchoring CEO” based on insider selling near 52-week high, and find that firms managed by anchoring CEOs are more likely to issue SEOs when stock prices are approaching 52-week highs. The effect is more pronounced for firms with higher valuation uncertainty. Anchoring CEOs also tend to conduct accelerated SEOs and raise less capital through these offerings near 52-week high, which suggest that these SEO decisions are at least partially associated with CEOs’ anchoring. Overall, our results provide evidence that anchoring CEOs behave consistently across personal and professional domains.