时间：2019年5月9日（星期四）下午14:30

地点：yh86银河国际南校区院系楼401yh86银河国际会议室

主办：yh86银河国际yh86银河国际

主题一：How Does Innovation Impact Product and Financial Market Outcomes

主讲人简介：许博，马萨诸塞大学金融学博士

内容简介：

Using product market perception data, we study how firm innovation impacts end consumers’ assessment of a company’s products. Further, we study how such product market outcomes driven by innovation impact eventual financial performance. Firms that have more and higher quality innovation, measured by patents and patent citations, respectively, have more positive consumer perception of product innovativeness as well as product quality. New product introductions also increase with more and higher quality corporate innovation, indicating that the product market impact of innovation is at least partially linked to product line enhancements, as opposed to process enhancements for existing products. The positive association between innovation and product market outcomes is driven by exploratory innovations, i.e. innovations that are more novel for a firm, rather than exploitative innovations, i.e. innovations done in areas that a firm is more familiar with. We use detrended innovation in universities that are geographically proximate to a firm as an instrument for firm-level innovation and show that corporate innovation causally impacts product market outcomes. The impact of innovation on consumer perceptions of product innovativeness is stronger in competitive industries. Finally, product market perception predicted by firm innovation is positively related to firms’ value and performance. Our findings provide a clear link between innovation and product market outcomes, which in turn creates financial value.

主题二：Does Board Gender Diversity Increase Dividend Payouts? Analysis of Global Evidence

主讲人简介：邓洁，暨南大学金融学博士

内容简介：

Employing 63,464 firm-year observations of 8,876 companies in 22 countries from 2000 to 2013, we conduct a series of multiple regression analyses that reveal a significantly positive relationship between board gender diversity and dividend payouts. The empirical results confirm that board gender diversity facilitates corporate governance and consequently promotes dividend payouts. We also show that a good institutional environment may weaken the effect of board gender diversity on dividend payouts. Institutional ownership is positively associated with board gender diversity and that corporate dividend payouts increase when female senior executives have shareholdings. The findings of our analysis are robust after controlling for potential endogeneity concerns.