会计学院 | 第334期
研究生“文澜大讲堂”
之名家讲坛
活动主题
Cost Uncertainty, Supply
Chain and Insider Trading
主讲人
孙汉文 副教授
活动时间
2024年12月12日（周四）
10：30-12：00
活动地点
文瀚楼北408
孙汉文，英国巴斯大学管理学院会计金融系长聘副教授。研究方向集中于公司金融和资本市场，包括内幕交易，卖空，公司创新以及信息中介等。研究结果发表于 Research Policy, Journal of Corporate Finance, Journal of Empirical Finance, 以及Journal of Accounting and Public Policy等国际期刊。其内幕交易研究项目获得英国国家科学院等资助。
We analyze the interplay between upstream and downstream production cost un- certainty (PCU) and managerial trading behavior. Our theoretic model depicts that given cost uncertainty, managers have incentives to manipulate production to maximize personal trading gains and the manipulative activities are transmit- ted through the supply chain via the input-output links. Our empirical findings confirm that higher PCU in supply chains increases both focal firms’ insider trading profitability and firm value. We employ instrumental variables (IV) analysis, leveraging industry-level merger and acquisition (M&A) intensity as an exogenous shock to customer and supplier uncertainties. Our study contributes to the understanding of how supply chain dynamics and managerial incentives interact through the lens of cost information.
名师名讲堂,你还犹豫什么?
快来参加吧！
12月12日讲座微信群
对讲座感兴趣的同学们
赶紧拉上你的小伙伴踊跃加入吧！
文稿：魏琦
编辑：陈俞静
