东财•会计与财务论坛:倪骁然

2020年03月27日
报告题目:Human Capital Outflow and Stock Price Crashes: Evidence from the Rejection of the Inevitable Disclosure Doctrine
报告人:倪骁然
报告时间:2020330日(周一)9:30-11:30
讲座形式:腾讯QQ群在线交流(群名:会计学院线上学术活动群;群号:1063610992
主办单位:东北财经大学会计学院
【报告摘要】
We present evidence that human capital outflow can lead to a higher likelihood of stock price crashes. Our test exploit US state courts’ staggered rejection of the inevitable disclosure doctrine (IDD), which improves employees’ ability to switch employers. We find that after the rejection of IDD, firms headquartered in these states experience a significant increase in stock price crash risk relative to unaffected firms. This effect is stronger for firms under server financial distress, facing fierce industry competition, and relying heavily on human capitals. Overall, our results support the view that losing key talents is an important determinant for stock price crashes.
【报告人简介】
倪骁然,清华大学经济学学士、应用经济学(金融学方向)博士、美国密歇根大学(安娜堡分校)联合培养博士研究生。现任厦门大学经济学院、王亚南经济研究院助理教授。主要研究领域为公司金融,当前研究专长主要包括利益相关者视角下的企业决策;制度变化与企业行为;企业信息环境。在《经济研究》、《管理世界》、《经济学(季刊)》、Journal of Corporate Finance等国内外重要学术期刊发表论文10余篇。主持国家自然科学基金青年项目。多次获得国际国内学术会议最佳论文奖。
 
 
撰稿:曲琦   审核:刘行
单位:东北财经大学会计学院