北航经管学院“融实论坛”系列讲座
（2025年第8期，总第75期）
讲座题目：The Effect of Long-termism on Firm Value: Evidence from a Natural Experiment
讲座时间：2025.12.12（周五）16:00-17:30
讲座地点：北航学院路校区新主楼 A618
讲座嘉宾：谢静 副教授
讲座主持人：部慧 副教授
讲座嘉宾 简介
谢静是澳门大学金融学副教授。他于2015年从新加坡国立大学获得金融学博士学位。他持有香港大学硕士学位和中国科技大学计学士学位。他于2023年加入澳门大学，在此之前，他曾在2015年至2022年间担任香港理工大学金融学助理教授。他的研究兴趣包括实证企业金融、行为金融和机构投资者行为。他的研究成果发表在包括Journal of Financial Economics, The Accounting Review, Journal of Financial and Quantitative Analysis, Review of Finance, Journal of Management Information Systems, Journal of Financial Intermediation, Journal of Corporate Finance, and Journal of Banking & Finance在内的顶尖学术期刊上。他现任《Emerging Markets Review》（ABDC评级：A，Scopus Q1）副主编，亚洲金融学会理事。曾为金融、会计及信息系统领域的二十余本国际顶级学术期刊担任匿名审稿人.
讲座概要
We provide causal evidence that long-termism positively impacts firm value. Leveraging the SEC’s 2016 Tick Size Pilot Program as an exogenous shock that promotes long-termism, we find that firms exposed to the program experience an increase in valuation. Specifically, treated firms issue fewer voluntary management forecasts—particularly short-term orientated quarterly forecasts—indicating a shift toward a more long-term orientation. The positive effect on firm value is especially pronounced among firms with higher CEO ownership and those engaged in fewer short-term activities, such as frequent short-term guidance. Furthermore, when the program was reversed in 2018, treated firms saw a reduction in tick size accompanied by a decline in Tobin’s Q. Overall, our findings suggest that an increase in tick size fosters long-termism, which in turn enhances firm valuation.
