½²×ù±êÌâ
The Effect of Long-termism on Firm Value£ºEvidence from a Natural Experiment
½²×ù¹¦·ò
2025Äê12ÔÂ12ÈÕ(ÖÜÎå)16:00-17:30
½²×ùµØÖ·
CGµç×ÓÑ§ÔºÂ·Ð£ÇøÐÂÖ÷Â¥ A618
Ö÷½²ÈË
л ¾²
Ö÷°ìµ¥Ôª
¾¼ÃÖÎÀíѧԺ
²Î¼Ó·½Ê½
Ö±½Ó²ÎÓë²Î¼Ó
½²×ù´éÒª
We provide causal evidence that long-termism positively impacts firm value.Leveraging the SEC¡¯s 2016 Tick Size Pilot Program as an exogenous shock that promotes long-termism, we find that firms exp-osed to the program experience an increase in valuation.
Ö÷½²È˼ò½é
л¾²ÊǰÄÃÅ´óѧ½ðÈÚѧ¸±½ÌÊÚ¡£ËûÓÚ2015 Äê´ÓÐÂ¼ÓÆÂ¹úÁ¢´óѧ»ñµÃ½ðÈÚѧ²©Ê¿Ñ§Î»¡£Ëû³ÖÓÐÏã¸Û´óѧ˶ʿѧλºÍÖйú¿Æ¼¼´óѧ¼ÆÑ§Ê¿Ñ§Î»¡£ËûÓÚ 2023 Äê²ÎÓë°ÄÃÅ´óѧ,ÔÚ´Ë֮ǰ,ËûÔøÔÚ 2015 ÄêÖÁ 202Äê¼äµ£ÈÎÏã¸ÛÀí¹¤´óѧ½ðÈÚѧÖúÀí½ÌÊÚ¡£ËûµÄ×êÑÐÐËÖÂÔ̺¬ÊµÖ¤ÆóÒµ½ðÈÚ¡¢ÐÐΪ½ðÈںͻú¹¹Í¶×ÊÕßÐÐΪ¡£ËûµÄ×êÑгɾͰ䷢ÔÚÔ̺¬ Journal of Financial Economics,The Accounting ReviewµÈ¶¥¼âѧÊõÆÚ¿¯ÉÏ¡£ËûÏÖÈΡ¶Emerging Markets Review¡·(ABDC ÆÀ¼¶:A Scopus Q1)¸±Ö÷±à£¬ÑÇÖÞ½ðÈÚѧ»áÀíÊ¡£ÔøÎª½ðÈÚ¡¢¹ÜÕÊ¡¢ÐÅϢϵͳµÈ¶þÊ®Óà±¾¹ú¼Ê¶¥¼¶Ñ§ÊõÆÚ¿¯µ£ÈÎÄäÃûÉó¸åÈË¡£