금융 분야 세미나를 아래와 같이 개최하오니, 관심 있는 분들의 많은 참석 부탁 드립니다.
1. 일시: 2018년 5월 31일(목) 16:00~17:30
2. 장소: 9호관 7층, 9708 강의실
3. 강사: 김화균 교수 (Texas A&M University)
4. 주제: What Does the Value of Corporate Votes Tell Us About Future Stock Returns?
5. 연구분야: 금융
* Lecture will be delivered in English.
* 세미나 관련 자료 : 당일 하드카피로 배포 예정
Firms with higher (lower) vote values have significantly lower (higher) future returns. Constructing portfolios based on an option-based measure of the value of voting rights yields average return spreads of about 0.8% per month between low and high vote portfolios, and the return differences persist up to nine months. Further, value of voting rights based on dual class firms generates similar results. Various robustness checks reveal that models of informed trading or short sale constraints cannot explain our results. Plus, results are still significant controlling for market liquidity as well as other pricing factors. Our findings are consistent with the proposition that investors hedge against potential unwanted outcomes in future control contests by accumulating stocks when such events are more likely to occur.