题 目：
Resolve the Global Risk-Related Agency Conflict: Evidence from U.S. Foreign Institutional Investors
主 讲 人：李东辉 教授
主 持 人：金祥荣 教授
时 间：2021年11月11日（周四）下午15:00
地 点：加拿大28开奖网
11号楼412室
主办单位：加拿大28开奖网
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附：
摘要：Based on a large non-U.S. sample, we document that the negative relation between firm investment and idiosyncratic risk (i.e., investment-idiosyncratic risk sensitivity) is significantly alleviated by U.S. foreign institutional investors (FIIs) but not by non-U.S. FIIs or domestic institutional investors. It indicates that U.S. FIIs can mitigate the risk-related agency conflict in global capital market. Our results are robust to various endogeneity tests, including DiD estimations based on the addition of a stock to the MSCI ACWI and the passage of JGTRRA in 2003. We further explore two possible economic channels through which U.S. FIIs affect the response of firm investment to idiosyncratic risk: the risk-tolerance channel and the monitoring channel. Last, we show that the investment spurred by U.S. FIIs is positively correlated with firm valuation and performance as well as economic development at the country level, highlighting the important role of U.S. FIIs in facilitating economic growth in non-U.S. economies.
主讲人简介：李东辉，深圳大学经济学院金融与财务学特聘教授，博士生导师。本科毕业于武汉大学经济学院审计系，2001年获得澳大利亚新南威尔士大学金融与财务学博士学位。主要研究领域为公司财务管理和股东结构，学术论文发表于Journal of Finance，Journal of Financial and Quantitative Analysis， Journal of International Business Studies，Journal of Banking and Finance (三篇), Journal of Corporate Finance(两篇), Journal of International Money and Finance (两篇), Journal of Risk and Insurance (两篇)，Journal of Business Finance & Accounting、《经济研究》(两篇)、《管理世界》、《经济学动态》、《金融研究》等期刊，担任Journal of Banking and Finance, Journal of Risk and Insurance等期刊匿名审稿人。此外，他受邀到许多世界知名大学做过学术报告，包括澳大利亚莫纳什大学、昆士兰大学、阿迪莱德大学、新加坡南洋大学、中国清华大学、北京大学、复旦大学、上海交通大学、武汉大学、华中科技大学、浙江大学、中山大学、中国海洋大学以及香港理工大学等。
