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何耕宇教授讲座通知

来源:会计系 作者: 发布时间:2018-01-09 10:51:00 点击数:

何耕宇教授讲座通知
何耕宇教授,台湾大学管理学院财务金融学系教授兼进修推广学院副院长及计量理论与应用研究中心副主任。何耕宇教授的研究兴趣着重在与财务金融相关的实证研究,其在公司财务和资产定价领域的学术成果,已发表于如Financial ManagementJournal of Banking and FinanceJournal of Portfolio Management等著名国际学术期刊。近年来,亦将高阶经理人特质、公司研发创新与企业文化等议题做为研究主轴。
时间:2018115日上午9:30
地点:哈工大G216
讲座题目:CEO Overconfidence and Corporate Cash Holdings
讲座摘要:
There is substantial literature regarding the association between firm characteristics and corporate cash holdings. However, the study on CEO overconfidence and corporate cash holdings is scant. In this paper, we conduct a comprehensive study on CEO overconfidence and corporate cash policy from three aspects: level of cash holdings, value of cash, and source of cash. We find that firms with overconfident CEOs tend to have higher cash holdings than those without. Such effect is lower for firms with higher growth opportunity and is more pronounced for financially constrained firms. We further show that firms with overconfident CEOs have higher marginal value of cash and save more cash from multiple sources than those without. Our empirical results are consistent with the precautionary motive of cash holdings. Overall, the conclusions indicate that in addition to the demand of capital and the economic condition, the manager's belief also demonstrates a strong impact on corporate cash policy.
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