讲座主题一：CEO succession and firm performance
报告人一：Daisy Chou, Associate Professor of Finance, Royal Melbourne Institute and Technology (RMIT) University, Australia
时间：2020年 1月 8 日（周三）上午 10：00 ～ 11：00
地点：经济学院4036多媒体会议室
报告主要内容：
In this study, we examine the effect of succession-induced gaps in CEO characteristics on subsequent firm performance. We show that a gap index constructed using differences in CEO attributes between the predecessor and the successor leads to deteriorating subsequent firm performance when the succession event itself is characterized as disruptive. However, under non-forced succession and when pre-succession performance has been good, a change in characteristics contributes positively to enhancing subsequent firm performance. Further analysis of the channels suggests that radically different CEOs are more likely to bring with them a higher proportion of co-opted directors, make downsizing and business divesting decisions, and lead firms characterized by higher levels of post-succession strategic instability when there is a mandate for change. Overall, our findings demonstrate that tapping successors who bring in a new set of attributes that are markedly different from those of their predecessors are not always value-enhancing. This is especially the case under forced succession and when the pre-succession firm performance is poor.
报告人简介：
Dr. Daisy (Hsin-I) Chou is an Associate Professor at the School of Economics, Finance and Marketing, RMIT University. Previously she held positions at the University of Otago, University of Bath and La Trobe University. She was awarded a Ph.D. degree from Queen's University of Belfast in the United Kingdom. She specializes in corporate governance and corporate finance. Specifically, her research interests are in the areas of board of director behavior, executive compensation, Asian economies and M&A activities in the U.S. market. She has published in numerous leading academic journals, including Journal of Corporate Finance, Journal of Banking & Finance, Journal of Empirical Finance, Journal of International Financial Markets, Institutions & Money, International Review of Financial Analysis and among others.
讲座主题二：Are the flows of exchange-traded funds (ETF) informative?
报告人二：Jing Zhao, Associate Professor of Finance, La Trobe University, Australia
时间：2020年 1月 8 日（周三）上午 11：00 ～ 12：00
地点：经济学院4036多媒体会议室
报告主要内容：
This paper provides novel evidence of information asymmetry in Exchange-Traded Fund (ETF) markets, focusing on the informativeness of ETF flows. By decomposing daily ETF flows into three components, we find that certain ETF shares are created or redeemed in anticipation of forthcoming news, whereas ETF flows driven by market making and arbitraging are not closely related to forthcoming news. Moreover, the information-driven ETF flows wield substantial power in predicting the ETF returns of the next day. Informed traders are able to exploit their information advantage for profits, realizing an annualized open-to-close return of 19.3% or close-to-close return of 22.9%.
报告人简介：
Dr Jing Zhao is an Associate Professor of Finance in the Department of Economics and Finance at La Trobe University. She obtained her Ph.D. from the Chinese University of Hong Kong. Her current research interests are in securities trading and asset pricing, behaviour finance, and quantitative finance. Jing has published research papers in high quality journals, such as European Journal of Operational Research, Journal of Applied Econometrics, International Review of Financial Analysis, Pacific-Basin Finance Journal, Journal of International Financial Markets, Institutions and Money, Accounting and Finance, Quantitative Finance, Journal of Futures Markets, etc. She was awarded an Australian Research Council Discovery Projects grant for 2014-2017. Jing is a certified Financial Risk Manager accredited by the Global Association of Risk Professionals.
主办单位：西华大学澳大利亚研究中心
西华大学经济学院