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2018/10月 18

财务与金融系2018双周论坛

财务与金融系2018双周论坛
开始时间:2018-10-18 10:00
活动地点:明德商学楼1008室
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状态: 已结束

主   题: HEDGE FUND ACTIVISM, FIRM VALUATION AND STOCK RETURNS(对冲基金激进主义,公司价值与股票回报

主讲人:王叶

协调人:童庆

讲座摘要:

This paper studies the association between hedge fund activism and firm value, using matching procedures to incorporate the nonrandom selection of target firms by activist hedge funds. We find that targets improve less in value (Q) subsequent to activism starts than ex-ante similarly poorly performing control firms that are not subject to activist campaigns. Further, long-term abnormal stock returns of both target and control firms are similarly positive and significant. However, activist hedge funds have strong stock selection as well as strong trading skills that allow them to outperform.

主讲人简介:

王叶,现为上海财经大学会计学院常任轨助理教授。博士阶段就读于意大利米兰博科尼大学商学院。在此之前分别在复旦大学数学科学学院和德国弗莱堡大学经济系获得本科与硕士学位。博士阶段在荷兰阿姆斯特丹大学与美国迈阿密大学进行访问交流。本人研究兴趣包括:实证金融,对冲基金激进主义,风险管理等。讲授课程包括《财务分析与估值》与《财务报表分析》。目前现有论文在Review of Financial Studies和Journal of Business Finance & Accounting的Revise and Resubmit阶段。