yl6809永利官网国民经济学论坛系列讲座

讲座题目：InstitutionalOwnership and Firm Patenting 

主讲人： 荣昭 

讲座时间：2015年04月28日13:30-15:30 

讲座地点：沙河校区3号楼122 

主讲人简介： 

荣昭，美国佛罗里达国际大学经济学博士，现任教于西南财经大学经济与管理研究院。研究方向包括：企业创新、公司金融、中国经济。近年来，在ChinaAgricultural Economic Review、Journal of Accounting andFinance、ChinaEconomic Review、金融研究、经济学季刊等SSCI期刊和中文核心期刊发表多篇学术论文，研究成果获得“2014年管理学年会最佳论文”等学术荣誉。 

内容简介： 

Managers may be concernedabout their career, thus invest less than the optimal level in risky projects,such as innovation. The presence of institutional investors may alleviate theircareer concern, thereby enhancing firm innovation. By investigating China'shigh-tech listed firms during 2001-2007, we find that the presence ofinstitutional investors did enhance firm patenting. Consistent with the careerconcern hypothesis, we find that the effect of institutional investors on firmpatenting was stronger when the product market competition was more intense. Wealso find that managers were less likely to be fired in firms with higherinstitutional ownership when bad performance occurred. Moreover, the abovefindings only existed among non-SOEs but not among SOEs, in which top managerswere also government officials. 

欢迎各位老师、同学前来参加！ 

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2015年04月24日