财务与金融系学术讲座系列2021年第1讲

主 题：资本市场关心收入不均等吗？来自相对薪酬比披露的经验证据

主讲人: 陈俊

时 间：2021-03-12 09:30

地 点：Zoom会议室

语 言：英文

Zoom 会议室：

https://zoom.com.cn/j/68559917041?pwd=N01YTFRTNDJEbms2MHJQV3ZqT3RZdz09 

会议 ID：685 5991 7041

密码：021816

讲座摘要:

Do equity markets care about income inequality? We address this question by examining equity markets’ reaction and investors’ portfolio rebalancing in response to the first-time disclosure of the ratio of CEO to median worker pay by U.S. public companies in 2018. We find that firms’ disclosing higher pay ratios experience significantly lower abnormal announcement returns. Additional evidence suggests that equity markets “dislike” high pay dispersion rather than high CEO pay or low worker pay. Firms whose shareholders are more inequality-averse experience a more pronounced negative market response to high pay ratios compared to firms with less inequality-averse shareholders. Finally, we find that during 2018 more inequality-averse investors rebalance their portfolios away from high pay ratio stocks relative to other investors. Overall, our results suggest that equity markets are concerned about high within-firm pay dispersion, and investors’ attitude towards income inequality is a channel through which high pay ratios negatively affect firm value.

主讲人简介:

Tracy Yue Wang is a professor of finance at the Carlson School of Management in University of Minnesota. Her expertise lies in the fields of corporate governance, law and economics, and behavioral finance. Her current research interests include corporate securities fraud, securities market regulation, the value impact of management, and behavioral finance. She has published in many top economics, finance, and accounting journals such as Review of Economic Studies, Journal of Finance, Review of Financial Studies, Journal of Law, Economics, and Organization, Journal of Accounting and Economics.