讲座题目：Ambiguity, Information Advantage and the Family Firm Ownership Puzzle

　　报告人： 李楠 (上海交通大学，副教授)

　　报告时间：2018年7月6日(周五)下午 14：30点

　　报告地点：经管院B226

　　主办单位：数理经济与数理金融系，主持人：崔静波

　　摘要: Conventional wisdom suggests that family shareholders should exit their large, concentrated equity stakes in publicly traded firms and seek the benefits of diversification. We find that concerns for Knightian Uncertainty or ambiguity, especially about return volatility are critical to understanding the decision of family owners to hold a large portion of their wealth in a single firm. Furthermore, in contrast to models without ambiguity, our model predicts that less wealthy, less risk averse and younger families are more likely to exit the firm. As the information advantage possessed by family owners is more useful in industries with higher unceratinty to reduce the ambiguity about the family firm relative to other firms, the model implies that family owners concentrate more in their firms in industries with higher uncertainty, as measured by stock exposure to the economic uncertainty index of Jurado, Ludvigson, and Ng (2015), or proxied by higher entry barrier, less innovation, and higher kurtosis in analyst forecast. The empirical evidences based on the cross-sectional data of more than 500 U.S. family firms lend support to these novel predictions.

　　简介: 李楠于2014年8月起任上海交通大学安泰经济与管理学院任金融学副教授。她于2005年获得美国芝加哥大学经济学博士学位，1998年获得武汉大学经济学硕士学位，1995年获得武汉大学数学学士学位。2004年至2014年在新加坡国立大学商学院金融系担任助教授，兼任新加坡国立大学风险管理研究中心以及房地产研究中心研究员。她曾在Journal of Political Economy等国际一流经济学刊物上发表过论文，并应邀为Econometrica, Journal of Political Economy, Quarterly Journal of Economics, Review of Financial Studies, Journal of Money, Credit and Banking, Journal of Economic Dynamics and Control, Review of Economic Dynamics, The Review of Economics and Statistics等国际经济学期刊和金融学期刊审稿