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澳大利亚国立大学工商管理学院金融学副教授周贤明学术讲座
作者:wangxi    发布时间:2018-11-23    访问次数:  
 

讲座主题:Is There a Diversification Discount? A Re-examination

讲座时间:1126日上午1000

讲座地点:九里校区零号楼0411

ABSTRACT

The standard approach in the research of the diversification discount is to examine the excess value estimated from a valuation multiple. The excess value metric has two distinct properties: (1) a segment-size effect due to the link of the multiple to segment size; and (2)an imputed-value uncertainty effect due to the concavity of the excess value function. We first analyze fake conglomerates that are formed from randomly drawn pure-play firms to verify these two effects. Whereas involving no business diversification, these two effects are unusually strong. We then reexamine the diversification discount using real firm data. In a standard empirical framework, we show that the diversification discount disappears after controlling for segment size and imputed value uncertainty.

主讲人简介:

Education: Ph.D. (Economics), University of Toronto, Canada, 1997

Professional Experience

  9/2014 – present  Associate Professor in Finance, College of Business and Economics, Australian National University, Canberra

  8/2002 – 8/2015    Associate Professor of Finance, School of Economics and Finance, University of Hong Kong, Hong Kong

  1/2001 – 7/2002  Assistant Professor of Finance, Faculty of Business City University of Hong Kong, Hong Kong

  3/1998 – 12/2002  Lecturer, School of Business, University of Sydney, Australia

Selected Publications

[1] Pan, Luyao, and Xianming Zhou, 2018 “CEO Compensation in Japan: Why So Different from the United States?” Journal of Financial and Quantitative Analysis 53 (October), Issue 5, pp. 2261-2292.

[2] Zheng, Liu, and Xian ming Zhou, 2012, “Executive Stock Options and Manipulated Stock-Price

Performance,” International Review of Finance 12 (September), Issue 3, pp. 249-281.

[3] Meng, Rujing, Xiangdong Ning, Xianming Zhou, and Hongquan Zhu, 2011, “Do ESOPs Enhance Firm Performance? Evidence from China’s Reform Experiment,” Journal of Banking and Finance 35 (June),No. 6, pp.1541-1551.

[4] Hu, Yifan, and Xian ming Zhou, 2008, “The Performance Effect of Managerial Ownership: Evidence from China,” Journal of Banking and Finance 32 (October), No. 10, pp. 2099-2110.

[5] Zhou, Xian ming, and Peter L. Swan, 2003, “Performance Thresholds in Managerial Incentive Contracts,”Journal of Business, Vol. 76 (October), No. 4, pp. 665-696.

[6] Zhou, Xianming, 2001, “Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance: Comment,” Journal of Financial Economics, Vol. 62 (December), No. 3, pp. 559-571.

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