主题：Are Foreign Investors Locusts?The Long-Term Effects of Foreign Institutional Ownership
主讲人：弗吉尼亚大学金融系 Matos Pedro副教授
主持人：金融学院副院长 周铭山
时 间：2015年6月29日（周一）上午10：00-12:00
地 点：格致楼411会议室
主办单位：金融学院、科研处
主讲人简介：
Pedro Matos 是弗吉尼亚大学金融系的副教授。曾经多次在Journal of Financial Economics，Journal of Financial and Quantitative Analysis，The Review of Financial Studies等著名刊物上发表论文。他的观点也经常被Fortune，Washington Post等媒体提及，常参与各种国际论坛发表演讲。
讲座内容：
This paper challenges the view that foreign investors lead firms to adopt a short-term orientation and forego long-term investment. We find that greater foreign institutional ownership fosters long-term investment in R&D, fixed capital, and human capital. Foreign institutions also lead to significant increases in innovation output and productivity. Using the exogenous variation in foreign institutional ownership that follows the addition of a stock to the MSCI World index, we show that the effect of
foreign institutions on long-term investment and innovation output is causal. This effect is explained by the monitoring role of foreign institutions when managers are more entrenched.
