讲座题目：Regression Discontinuity, Passive Institutional Investors, and Corporate Innovation

讲座时间：2023年8月18日（星期五）上午9:40-11:10

讲座方式：线下 博学925，& 腾讯会议ID：179-552-305

主讲人：

王峻（英文名Jonathan Wang），美国纽约城市大学Baruch分校Zicklin商学院金融学教授和金融经济学系系主任。王教授在资产定价，公司理财等领域发表多篇高质量学术论文，包括《Journal of Finance》，《Review of Financial Studies》，《Review of Economic Studies》、《Games and Economic Behaviors》等，并在多个会议获得过论文奖，有较高的国际声誉。王教授曾任上海证券交易所高级海外经济学家。王教授曾于1986年获得上海市高考理科第一名，入读复旦大学物理系，后毕业于佐治亚大学，获得金融学博士学位。

讲座简介：

In this talk, I will talk about Regression Discontinuity analysis first, and then discuss the settings of Russell 1000/2000 index reconstitution. I will also discuss a paper we wrote using this setting. In the paper, we find that greater passive institutional ownership leads to improvement in corporate innovation measured by patent quantity and quality. Our results are robust to several refinements of the identification strategy. We explore and identify three channels for such effect: first, passive institutional ownership reduces the likelihood of CEO turnover especially for firms that outperform their industry peers; second, a higher level of passive institutional ownership is associated with a greater value of non-executive employee stock options granted; third, the increased presence of passive institutional investors transfers more power to the manager.