主题：Boardroom Centrality and Systematic Risk

主讲人：陆瑶，清华大学经管学院副教授

时间：11月29日（周五）下午2点30分

地点：经管院A208

主办单位：武汉大学经济与管理学院工商管理系

讲座主要内容：

We find that boardroom centrality formed by sharing directors across firms can significantly increase firms’ systematic risk. This positive effect is stronger when the shared directors also sit on boards of other large firms or firms included in the stock market index. It is also stronger when boardroom centrality is formed by inside executive directors or more experienced directors. Further corroborating these inferences, we find that boardroom centrality increases corporate policy and accounting fundamental correlations between the appointing firm and other firms in the markets, and firms with higher boardroom centrality have significantly less idiosyncratic corporate behaviors. Finally, we find that boardroom centrality is positively associated with firms’cost of equity. These results are robust after addressing endogenous issues using identification based on exogenous changes in directorship outside the focal firm. Taken together, these findings highlight the important roles of corporate leaders in affecting firms’ systematic risk.

主讲人简介：

陆瑶，清华大学经管学院金融系副教授。她的主要研究领域为公司金融、投资、融资、兼并收购、公司治理、劳动经济学与金融、金融与法，以及资本市场发展与国际化。讲授课程包括公司金融（MBA）、公司治理（MBA）、兼并收购与企业重组（MBA）、金融学研究（本科）等。她曾经在《Journal of Finance》，《Journal of Financial Economics》，《Journal of Financial and Quantitative Analysis》，《Management Science》,《Review of Finance》,《Journal of Corporate Finance》,《Ecological Economics》,《Asia Pacific Journal of Financial Studies》，《管理世界》，《金融研究》，《管理科学学报》，《南开管理评论》，《投资研究》等多个国内外重要学术期刊上发表过文章.

她目前担任《Pacific-Basin Finance Journal》的副主编，和《Journal of Financial Economics》，《Review of Financial Studies》，《Journal of Corporate Finance》，《Journal of Banking and Finance》，《International Review of Finance》，《Journal of Comparative Economics》，《Journal of Law, Economics and Organization》，《Accounting and Business Research》，《金融研究》，《南开管理评论》等国内外多个学术杂志的匿名评审员。担任《Corporate Governance: An International Review》(SSCI)的编委会成员(Editorial Board）。她目前还担任金融系博士生委员会主席、TIEMBA项目学术主任和清华大学经管学院公司治理中心副主任。她曾于2017年获得国家自然科学基金委优秀青年科学基金，国家自然科学基金“特优”结题，2014年获得“清华大学学术新人奖”。另外，她的多篇文章被哈佛大学公司治理论坛所收录。

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