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学术讲座:Do Firms Respond to Industry Rising Stars: Evidence from Corporate Cash Holdings

 

时间:201746日 12:10
地点:博学楼918
摘要:Fast-growing star firms lead competition of their industries. We identify the rising star of an industry as the industry’s fastest-growing firm in the past three years, and define the industry star index as the growth rate of the star firm minus industry average. Using this index to capture the competitive pressures of rising stars on industry peers, we show that the rise of stars significantly affects peer firms’ corporate policies such as cash holdings. Specifically, firms in industries with a high (top-quartile) star index increase their cash-to-assets ratios by 0.5 percentage points more than firms in other industries. This increase of cash is equivalent to U.S. $5.5 million per year. The effect maintains after controlling for extant measures of product market competition, suggesting that the star index captures competitive forces beyond what are captured by extant measures.
 
演讲人简介:苏循华,挪威经济学院(Norwegian School of EconomicsNHH)金融系助理教授。苏老师2015年加入挪威经济学院, 之前曾在挪威科技大学(Norwegian University of Science and TechnologyNTNU)工作过2年。苏老师于2012年毕业于挪威经济学院,并于2011年到2012年在沃顿金融机构中心(Wharton Finance Institutions Center)、挪威中央银行(Norwegian Central Bank)和瑞士金融学院(Swiss Finance Institute)访问。苏老师也曾在中国电信深圳特区任经理和工程师职位。苏老师的研究领域包括理论和实证公司金融,银行和金融合约理论,并在the Journal of Financial and Quantitative Analysis, Journal of Money, Credit and Banking 以及Financial Management等顶级杂志上发表多篇文章。苏老师于20132014年在西部金融协会年会(Western Finance Association Annual Conference)上宣讲文章,并于2012年获得夏一红最佳论文奖(2012 CICF)。