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北航经商院 • 经济学双周论坛 第十六期

发布时间: 2018/10/09 16:54:13     点击次数:次   打印本页

尊敬的各位老师:
 

 

你们好!                  

“北航经商院 • 经济学双周论坛”将在本周迎来第十六期讨论,具体安排如下: 

时间:本周五(10月12日)中午12:00-14:00 

地点:新主楼A1039。 

在此诚挚邀请您参与讨论和分享! 

题目:     对冲基金对美国上市公司成本管理的影响

Title:    The Impact of Hedge Fund Activism on Corporate Cost Behavior

主讲人:  安恒

Presenter: Heng An

摘要 (Abstract):

We examine the impact of hedge fund activism on target firms’ selling, general and administrative (SG&A) costs. After the hedge fund intervention, the SG&A to sales ratio goes down, a sign of improved operating efficiency.  Before the intervention, target firms exhibit greater level of cost stickiness which means SG&A costs fall less for sales decreases than they rise for equivalent sales increases, a symptom of agency problems according to Chen, Lu, and Sougiannis (2012).  However, hedge fund intervention significantly reduces the degree of cost stickiness, and the reduction is more pronounced in firms with severe agency problems.  Moreover, activist hedge funds concentrate their intervention efforts on firms whose SG&A expenditures create low firm values.  Finally, a tactic employed by hedge funds to change corporate cost behavior is to replace senior corporate executives.  Taken as a whole, the findings suggest hedge fund activism improves the efficiency of resource adjustments by mitigating agency problems at the target firms.

主讲人简介 (Introduction):

安恒,是美国北卡卡罗莱纳大学格林斯伯勒分校,金融学(终身)副教授, Kathleen Price Bryan冠名学者。 他的主要研究领域包括公司金融、机构投资者和房地产金融。 他在知名金融、会计和房地产学术期刊发表多篇论文,并担任众多学术期刊审稿人。

Heng An is an Associate Professor of Finance and Kathleen Price Bryan Dean's Notable Scholar at the University of North Carolina Greensboro. His research areas include corporate finance, institutional investors, and real estate finance. He has published extensively at top finance, accounting, and real estate journals, including Journal of Corporate Finance, Journal of Banking and Finance, Review of Accounting Studies, Real Estate Economics, and Journal of Real Estate Finance and Economics.