本周五（4月26日）上午在柳林校区有我们的学术研讨活动。沙龙邀请的是上海财经大学会计学院的靳庆鲁教授。靳庆鲁教授的研究兴趣是：制度变迁与公司估值；自愿性信息披露。近年来，靳庆鲁教授在《The Accounting Review》、《International Review of Financial Analysis》、《Journal of Cost Management》、《China Accounting and Finance Review》、、《经济研究》《经济学（季刊）》等国内外刊物发表数篇学术论文。

现邀请你们来参加沙龙的学术研讨。如果你的同学或朋友有学术研究兴趣，也请邀请他们参加，无论她/他们是本科生、硕士生或是博士生。

附件是靳庆鲁教授的简历和宣讲论文。

敬请参加沙龙的研讨！！！

沙龙时间：4月26日（周五）10:00—12:00AM
沙龙地点：柳林校区颐德楼H314
研讨题目：“Economic freedom, investment flexibility, and equity value: Across-country study”
沙龙受邀人：靳庆鲁（上海财经大学会计学院，教授）
沙龙主持人：唐雪松（会计学院，副教授）
沙龙点评人：谭 滨（证期学院，副教授）
沙龙语言：中文、English
沙龙主办方：大金融学术研究沙龙、金融学院、会计学院、证券期货学院、科研处
沙龙论文摘要：
Prior studies show that equity value has convex relations with earnings and book value of equity due to the options of growth and adaptation opportunities (Burgstahler and Dichev 1997; Zhang 2000). In this study, we investigate whether these relations vary with the degree of a country’s economic freedom that protect managers’ decision rights and limits government intervention. We hypothesize that (1) investment flexibility is greater in countries with greater economic freedom, and (2) the relations between equity value and earnings and book value of equity are more convex in countries with greater economic freedom. Using the index of economic freedom from the Fraser Institute, we test our hypotheses with data from 34 countries during the period from 2000 to 2006. The empirical results are consistent with our hypotheses. In addition, we use a changes model and find that the convex relations of equity value with earnings and book value of equity are enhanced when there is an increase in economic freedom. The effect of economic freedom that we document is distinct from the effects of GDP growth, legal origin, law enforcement, investor protection, and differences in financial reporting. Our results suggest that greater economic freedom enhances equity value through more efficient management of investment options.