610613高级经济学讲座行

报告题目：

AnalystInformationProduction,InternalCapitalAllocation,andConglomerateValuation

报告人：

郭瑞珍，伊利诺伊大学（芝加哥分校）金融系教授

报告时间：

年6月11日（周一）9:00-11:00

报告地点：

山东大学中心校区知新楼B

报告人简介：

Re-JinGuoisProfessorofFinanceatCollegeofBusinessAdministration,UniversityofIllinoisatChicago.Herresearchinterestsincludeanalysesofthemarketofinitialpublicofferings,costofcapitalestimates,corporategovernance,largeshareholderownership,aswellasvaluationoffirm’sinnovationcapability.HerresearchhasbeenpublishedatJournalofFinance,JournalofFinancialEconomics,JournalofAccountingResearch,andJournalofAmericanStatisticalAssociation;andhasbeenpresentedatvariousprofessionalmeetings,theSecurityExchangeCommission,aswellastheShanghaiStockExchange.Re-JincurrentlyservesasanassociateeditoratReviewofPacificBasinFinancialMarketsandPoliciesandattheeditorialreviewboardoftheCorporateGovernance:AnInternationalReview.ShewasanassociateeditoratJournalofBusiness,Economics,andStatistics(-),aVisitingFinancialEconomistattheResearchCenterofShanghaiStockExchangeinthesummerof;andaVisitingProfessorattheDepartmentofFinanceofFudanUniversityin-.

报告摘要：

Analystsarespecialistsinforecastingindustryandmarketsectortrends.Yetthereislittleevidenceontheirroleasinformationproducersinshapingmajorcorporatestrategies.FocusingonconglomeratefirmsinwhichCEOsarelessinformedaboutsegmentinvestmentopportunities,thisstudyexamineswhetheranalysts’informationproductionimprovesconglomeratesinternalcapitalmarket(ICM)efficiencyandcorrespondingmarketvaluation.Usingbrokeragemergersasexogenousshocksintheanalystindustry,weprovidecausalevidencethatasignificantdeclineinICMefficiencyresultedfromthereductionofanalystcoverage.TheeffectismorepronouncedwhenconglomerateCEOsfacehigherinternalinformationbarriers,havelessfirm-specificknowledge,andwhenlostanalystsareindustryspecialists.AdditionalanalysisshowsthattheeffectofanalystcoveragereductiononICMefficiencyisnotdrivenbyweakenedexternalmonitoringorincreasedcostofcapitalandisrobusttoawidearrayofidentificationstrategies.Wefurtherdemonstrateapost-eventdecreaseinconglomeratevaluation,primarilydrivenbyfirmswithrelativelylargerdeclineinICMefficiency.Overall,ourstudyprovidesnovelevidencethatanalystshelpconglomerateCEOsgainsegment(industry-related)information,whichcannotbeotherwiseobtainedinternallyduetoagencyconflicts.

主办单位：

山东大学经济学院

报告题目：

Ondegreeconditionsfor2-factorswithaprescribednumberofcycles

报告人：

ShuyaChiba日本熊本大学教授

报告时间：

年6月12日（周二）10:00

报告地点：

山东大学中心校区知新楼B

邀请人：

颜谨教授

报告摘要：

Thehamiltonianproblemhaslongbeenfundamentalingraphtheory.But,itisNP-







































治疗白癜风的方法
得了白癜风要怎么治

转载请注明：http://www.bixiongs.com/lwyq/2093.html