講座人：張亞男

講座主題：CEO Managerial Ability and Stock Price Crash Risk (管理者能力與股價崩盤風險)

摘要：

This study examines the impact of chief executive officer (CEO) managerial ability on firms’ stock price crash risk. Using a large sample of U.S. firms during 1991-2014, we find that CEO managerial ability is associated with a higher likelihood of a firm’s future stock price crashes. The positive relation between managerial ability and crash risk is more pronounced for firms with higher operation uncertainty and information risk. In addition, we show that bad news hoarding and overinvestment are two possible channels through which managerial ability increases crash risk. Finally, our results are robust to various sensitivity checks, including controls for firm-fixed effects and utilization of multiple measures of managerial ability and crash risk. Overall, our findings indicate that managerial ability may be costly that more capable managers may lead to higher future stock price crash risk.

講座時間：2018年11月28日，周三，15：00開始

講座地點：中财大廈二層報告廳

講座人簡介：張亞男，中央财經大學會計學院講師。2010和2012年于武漢大學獲得學士和碩士學位，2016年于香港城市大學獲得博士學位。主要研究領域為信息披露，公司治理，股價崩盤風險，以及供應鍊信息質量。學術成果已發表于Journal of Accounting and Public Policy, Journal of Corporate Finance等國内外期刊。