博彩平台

时间：2024.12.18 上午8：30-11:30

地点：东校区财经科学馆三楼EMBA教室（318会议室）

主持人：权小锋 教授

【报告一】

时间：8：30-10：00

题目：Do customers play a corporate governance role?

摘要：This paper presents new evidence to suggest that corporate customers play a governance role in disciplining managerial behavior. We use a comprehensive dataset of customer-supplier relationships to show that major downstream firms respond to upstream firms' EPS management - instrumented by variations in the incentive to manipulate - by severing business relationships. Customer firms care about the suppliers' EPS management as suppliers will tilt their financial resources from maintaining customer engagement and product quality to meet analysts' EPS target. The server impact on customer firms is more pronounced for suppliers with financial constraint. Ex ante, the threat of withdrawal by major customers appears to deter upstream firms from engaging in EPS management. Suppliers with short-term incentives strategically reallocate trade credit to retain their largest customers, which mitigates the ex-post impact of customer governance.

报告人简介：叶潇客 助理教授 （利物浦大学）

叶潇客，英国利物浦大学博彩平台 助理教授。曾在英国伦敦城市大学贝叶斯博彩平台 、伦敦政治经济学院任职。研究领域涉及公司金融、公司治理、供应链管理等。叶潇客2022年在伦敦城市大学贝叶斯博彩平台 获得金融博士学位,2023年入职利物浦大学。在 Financial Review, European Financial Management发表论文。获得EFMA2022最佳博士论文奖第二名, FMCG2023最佳论文奖第二名。在Financial Times, CityAM发表金融社评，同时担任Corporate Governance: An International Review, Journal of Business Finance & Accounting, International Journal of Finance & Economics等多家国际SSCI期刊的匿名评审专家。

【报告二】

时间：10：00-11：30

题目：Race to the Bottom: Carbon Leakage through Cross-border M&A

摘要：This paper examines how greenhouse gas (GHG) emissions influence the acquisition decisions of U.S. firms. We find that firms with higher GHG emissions are more likely to pursue acquisitions abroad rather than domestically. This preference is likely to be driven by motivation for regulatory arbitrage: the effect is stronger after the Paris Agreement, with targets likely in the same industry and located in countries with less stringent environmental regulations, lower standards of information disclosure, and reduced transparency. Our further analysis shows that such preference is unrelated to financial constraints, target valuation, or the quality of corporate governance, and the announcement returns for these deals are positive. These findings suggest that limited investment opportunities or agency costs are unlikely to drive firms' preferences for overseas acquisitions. Overall, our paper identifies an important channel through which businesses can avoid climate regulations.

报告人简介：尹超 副教授 （爱丁堡大学）

尹超，现任英国爱丁堡大学博彩平台 会计与金融系副教授，曾先后任职于杜伦大学和雷丁大学等高校。其研究方向包括可持续金融、实证公司金融、公司治理以及跨国资本流动等领域。尹超博士的研究成果发表于多家国际知名学术期刊，如 Journal of Financial and Quantitative Analysis、Journal of Corporate Finance（3 篇）以及 British Journal of Management（2 篇）。目前，尹超博士担任爱丁堡大学金融硕士项目的项目主管。