博彩平台

东吴学术大讲堂——李东辉教授

报告题目：Resolve the Global Risk-Related Agency Conflict: Evidence from U.S. Foreign Institutional Investors

报告时间：2021年5月27日 下午 14:00-15:30

报告地点：苏州大学东校区财经科学馆三楼EMBA教室

报告人：李东辉 教授

报告摘要：Based on a large non-U.S. sample, we document that the negative relation between firm investment and idiosyncratic risk (i.e., investment-idiosyncratic risk sensitivity) is significantly alleviated by U.S. foreign institutional investors (FIIs) but not by non-U.S. FIIs or domestic institutional investors. It indicates that U.S. FIIs can mitigate the risk-related agency conflict in global capital market. Our results are robust to various endogeneity tests, including DiD estimations based on the addition of a stock to the MSCI ACWI and the passage of JGTRRA in 2003. We further explore two possible economic channels through which U.S. FIIs affect the response of firm investment to idiosyncratic risk: the risk-tolerance channel and the monitoring channel. Last, we show that the investment spurred by U.S. FIIs is positively correlated with firm valuation and performance as well as economic development at the country level, highlighting the important role of U.S. FIIs in facilitating economic growth in non-U.S. economies.

报告人简介：李东辉，深圳大学经济学院金融与财务学特聘教授。曾在英国伦敦城市大学、澳大利亚新南威尔士大学、澳大利亚莫那什大学等世界知名高校任职。研究领域涉及公司微观金融、公司治理、风险管理与保险以及金融机构的经营等。在Journal of Finance、Journal of Financial and Quantitative Analysis、Journal of International Business Studies 、Journal of Corporate finance、Journal of Banking and Finance等国际顶级期刊发表论文多篇，在国内《经济研究》、《管理世界》等权威期刊发表高水平学术论文近20余篇。同时担任Journal of Banking and Finance、Journal of Risk and Insurance、International Review of Finance、Corporate Governance: An International Review等多家国际SSCI期刊的匿名评审专家。