本周五（9月27日）下午在柳林校区有我们的学术研讨活动。沙龙邀请的是长江商学院会计学助理教授张维宁。张维宁教授于2010年在美国德克萨斯大学达拉斯分校获得会计学博士学位，之后在新加坡国立大学任会计学助理教授。主要研究领域: 公司财务披露，公司治理，高管薪酬以及银行业的研究。已在国际A级期刊Journal of Accounting and Economics，Journal of Accounting Research，Journal of the Academy of Marketing Science发表文章三篇，在Contemporary Accounting Research，Journal of Corporate Finance，Journal of Banking and Finance等优秀英文期刊发表文章多篇。
现邀请你们来参加沙龙的学术研讨。如果你的学生有学术研究兴趣，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。如果希望周五下午和张维宁教授单独学术交流，请尽快联系我(taoqizhi@swufe.edu.cn).
附件是张维宁教授的宣讲论文与个人简历。欢迎参加沙龙的研讨！！！
沙龙时间：9月27日（周五）2:30—4:30PM
沙龙地点：柳林校区颐德楼H303
研讨题目："Management Team Incentive Dispersion and Firm Performance "
沙龙受邀人：张维宁（长江商学院，助理教授）
沙龙主持人：周铭山（金融学院，副院长）
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、科研处
沙龙论文摘要：
Large corporations are managed by groups of executives operating together as a team. Existing empirical research on team-based incentives focuses on the distribution of pay levels across top executives. This paper provides new insight into the design of team-based incentives as reflected in the distribution of pay performance sensitivities (PPS) across executives. We investigate relations between the dispersion of PPS across executives and firm performance, controlling for the distribution of pay levels. We find that there is a critical level of PPS dispersion where firm performance deteriorates when PPS dispersion falls below or above this critical level. This suggests that firm performance is maximized at an interior optimal level of PPS dispersion. PPS dispersion is shown to incorporate both a permanent and transitory component. We conjecture that the transitory component reflects deviations from optimal dispersion sustained by adjustment costs that inhibit boards from immediately reestablishing optimal levels. Consistent with a constrained process in which boards only partially adjust deviations towards optimal dispersion levels, we document that firms close 70% of any current gap between actual and target PPS dispersion over the subsequent year. Finally, cross-sectional analysis reveals that the deleterious effect of deviations from optimal PPS dispersion is decreasing in the duration of a team’s tenure together, and increasing in the importance of management team cooperation and coordination for firm performance.
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