【金融高端论坛】第五期

【本期主题】A Blessing in Disguise: Are Firms Born in Recession Better Than Others?

This paper investigates whether and how firm fixedeffects affect corporate performance and policies. We identify a specificsource of firm fixed effects by comparing firms born in one of the NBERrecession periods with their comparables. We find strong empirical evidencethat whether a firm was born in one of the recession periods matters for firmperformance and a wide range of corporate decisions. After controlling for welldocumented factors, we find that firms born in recession have stronger stockmarket performance and operating performance. We also find that a significantextent of the heterogeneity in investment, financial, organizational, and risktaking practices of firms can be attributed to their birth years. Our findingssuggest that the adverse founding conditions have imprinted their marks onfirms, inuence firms' approach toward decision making, and lead to largevariation in firm performance. Our paper provides a possible role played byfirm history as an explanation for firm fixed effects.

【报告人】刘俏	北京大学光华管理学院教授
	加州大学洛杉矶分校经济学博士

【时  间】05月03日 上午10:00
【地   点】明德主楼0509室

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报告人简介：

刘俏教授现任北京大学光华管理学院金融学和经济学教授，也是深圳证劵交易所专家评审委员会委员和博士后站指导老师。他曾任职于麦肯锡公司，加入光华前，刘教授任教于香港大学经济与工商管理学院，并获终身教职。刘教授主要教授公司财务，收购与兼并，国际金融管理等课程。在 Journal of Financial Economics，Management Science, Journal of Accounting Research,    Journal of Financial and Quantitative Analysis，Economic Journal, Journal of Corporate Finance，Economic Inquiry, Journal of Comparative Economics,    Journal of Accounting，Auditing    and Finance，Financial    Analysts Journal, Economics Letter，Asia-Pacific    Business Review，《经济研究》, 《经济学季刊》, 《经济学报》，《中国金融学》等国内外顶级期刊发表多篇文章。他与人合作编撰一本关于亚洲债券市场的书 Asia’s Debt    Markets: Prospects and Strategies for Development 于2006年由国际著名出版商 - New    York: Springer- 出版。他的另一本专著《Finance in Asia》已脱稿，即将由著名出版商Routledge出版。自2011年起， 刘俏受邀为《董事会》的专栏作者。

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