讲座题目：Peer Effects in Financial Investment of Board-interlocked Firms: An Information Sharing Perspective
主讲人：刘晓亭 中国科学院大学经济与管理学院2019级博士研究生
讲座时间：2021年11月26日（周五）14:00-15:30
讲座地点：中关村教学楼S406（线下） 腾讯会议 ID：515 330 807（线上）
内容摘要：This paper aims to investigate the peer effects in financial investment of board-interlocked firms from the information sharing perspective. Based on board interlock and financial information of A-share listed nonfinancial firms in China, we construct board interlock networks where firms share at least one board member in common and conduct an empirical investigation into peer effects in financial investment of board interlocking firms. The results demonstrate that peer effects are noticeably found in nonfinancial firms even after ruling out endogenous concerns. The main manifestation of these peer effects is that firms with inferior quality information, i.e., poor financial conditions, low market capitalization, and higher stock idiosyncratic volatility, tend to follow companies that are perceived as having superior quality information in the above-mentioned areas. Firms located in the core position of board interlocking network or with more assets are more likely to be influenced by peers, because they can obtain more high-quality information. Different from existing studies, this paper provides a board interlocking perspective to the study of peer effects, which offers a new explanation for the expansion of financial activities of firms in China.
个人简介：刘晓亭，2019级博士研究生，师从董纪昌教授，主要从事房地产经济与金融决策、公司金融等方向研究。参与国家自然科学基金委重点项目、面上项目、青年基金项目等多项房地产经济与金融领域的重要科研项目，目前已在国际国内重要期刊、学术会议发表论文6篇，SSCI期刊在投论文5篇，曾获得第六届全国优秀金融硕士学位论文奖、2019年世界华人不动产学会年会优秀论文奖、2020年中国管理学年会最佳论文奖等奖励。
