主 题：Excess perks and stock price crash risk: Evidence from China
主讲人：西肯塔基大学Johnny Chan教授
主持人：西南财经大学金融学院张迎春教授
时 间：2014年6月18日（周三）上午09：30-11：00
地 点：柳林校区颐德楼H104
主办单位：金融学院、科研处
主讲人简介：
Johnny Chan is the Leon Page Chair of Finance and a University Distinguished Professor. He received his B.Soc.S degree in economics at Chinese University of Hong Kong (1984), M.A. in economics (1987), M.A. in finance (1989), and Ph.D. in finance (1990) at the University of Alabama. His teaching interests are investments and international finance. Research interests include derivative securities, mutual funds, fixed income, and measurement of intellectual contributions.
He has published more than 140 journal articles in leading finance and business journals such as Accounting and Business Research, Accounting and Finance, Accounting, Organizations and Society, Australian Accounting Review, Family Business Review, European Financial Management, Financial Management, Financial Review, International Business Review, Journal of Banking and Finance, Journal of Business Ethics, Journal of Business Research, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Financial Education, Journal of Financial Research, Journal of Futures Markets, Journal of International Business Studies, Journal of Portfolio Management, Journal of Real Estate Research, Real Estate Economics, Review of Quantitative Finance and Accounting, among others.
He held tenured faculty positions at the University of Dayton, the University of Wisconsin-Parkside, and Minnesota State University Moorhead before he joined WKU in 2003. He is also a Chartered Financial Analyst (CFA) charter holder and was a director of Midwest Finance Association (2004-2007). He won the College public service award in 2007, College research award in 2005, 2008, and 2010, the Vitale Award for Innovation, Initiative, and Leadership in 2008, and awarded a University Distinguished Professor in 2013. He is currently an associate editor of Chinese Economy and Journal of Financial Education, and on editorial board of several journals.
论文摘要：
We investigate the impact of excess perk consumption on crash risk in state-owned enterprises in China. To enjoy excess perks, executives in state-owned enterprises have an incentive to withhold bad news for extended periods, leading to higher future stock price crash risk. Consistent with this assertion, we find a positive correlation between excess perks and crash risk. The findings are robust to the inclusion of other determinants of crash risk identified in the literature, such as earnings management, conditional conservatism, and firm-level corporate governance mechanisms. The results still hold after accounting for possible endogeneity issues using a two-stage least squares estimation. Earnings management (conditional conservatism) helps amplify (lessen) this impact. Moreover, better external monitoring mitigates the impact of excess perks on firm crash risk. We further find that the impact of excess perks on crash risk is more pronounced in firms whose executives are approaching retirement and persists for at least two years.
