行政公告
  • 行政公告
[Seminar] 財金系 邀請 New York University 的 Prof. Alexander Ljungqvist 演講
活動起日:2018-04-19 
發佈日期:2018-04-10 
瀏覽數:310  2018-04-17 更新

本系邀請 New York University Prof. Alexander Ljungqvist 至本所進行專題演講,相關訊息如下:

 

【場次一】

時間: 4/16 () 10:30-12:00

地點: 管理學院一號館 402 教室

講題: Busy Directors: Strategic Interaction and Monitoring Synergies

 

Abstract: 

We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their codirectors’ choices and to experience positive or negative monitoring synergies across firms. Whether busyness benefits or harms shareholders depends on whether directors’ effort choices are strategic substitutes or complements and on the sign of the cross-firm synergies. Our empirical analysis exploits plausibly exogenous shocks that make directors busier on one board and examines how this spills over to other boards. Our results suggest that monitoring efforts typically are strategic complements, except when a firm finds itself facing a crisis. Consistent with the model, we find that busy directors increase monitoring at spillover firms when synergies are positive (which we show increases expected firm value) and reduce monitoring at spillover firms when synergies are negative (which we show reduces expected firm value).
 

【場次二】

時間: 4/19 () 10:30-12:00

地點: 管理學院一號館 B101 教室

講題: Analyst Information Production and Mandatory Disclosure Quality