现代产业经济学系列讲座第139期

 

时间: 2016年12月9日(周五) 13:30-15:30

地点: 史带楼302室

主持人:李玲芳 副教授

主题:Agency Problem, CEO Incentives and Stock Price Dynamics: An Experimental Asset Market   Approach

主讲人:Te Bao (Nanyang Technological University)

 

摘要: The optimal design of executive compensation has always been at the center of the research in corporate finance. We investigate experimentally how granting CEOs with stock ownership and the opportunity to trade influence CEOs’ effort and market efficiency. We implement a 2x2 experimental design, where the treatments are differentiated based on: (1) whether the CEOs receive 20% of the profit as cash bonus or 20% of the stock shares as endowment, and (2) whether or not the CEOs are prohibited from participating in trading in the open market. The findings suggest that compared to cash bonus, stock ownership program does not induce higher effort, plausibly due to the presence of a salience effect or mental accounting. Granting CEOs the opportunities to trade leads to higher effort, but also less stock price stability. In all markets, the deviation of transaction prices from the underlying fundamental values is very small, which seems to support the market efficiency hypothesis, even in the presence of strategic uncertainty over the effort that governs the movement of the fundamental values.

主讲人简介: Te Bao is an assistant professor of economics at the Division of Economics, Nanyang Technological University, Singapore. He obtained his Ph.D in Economics in 2012 from CeNDEF, University of Amsterdam. His research interest includes experimental economics, behavioral finance, contract theory and real estate economics. His works are published in journals like Economic Journal, European Economic Review, Journal of Economic Behavior and Organization and Journal of Economic Dynamics and Control.

 

产业经济学系

2016-11-30