一、主題：兩個偏度的故事——疫情職業經曆、概率加權與股價崩盤風險

二、主講人：倪骁然，2012年、2017年于清華大學經濟管理學院分别獲得經濟學學士、應用經濟學（金融學方向）博士學位。2015年9月-2016年9月在美國密歇根大學（安娜堡分校）羅斯商學院接受聯合培養。現任廈門大學經濟學院、王亞南經濟研究院助理教授。主要研究領域為公司金融，當前研究專長主要包括利益相關者視角下的公司治理、制度變化與企業行為、企業信息環境。在《經濟研究》（2篇）、《管理世界》、《經濟學（季刊）》、《金融研究》、《中國工業經濟》、Journal of Corporate Finance（4篇）、Journal of Banking and Finance等國内外重要學術期刊發表論文20餘篇。主持國家自然科學基金青年項目。多次獲得國際國内學術會議最佳論文獎。
三、時間：2020年9月14日星期一，10:00 -11:30
四、地點：騰訊會議ID:993294096
五、主持人：黃瑜琴，應用金融系主任

六、論文介紹  

Two Tales of Skewness: Professional Epidemic Experience, Probability Weighting, and Stock Price Crash Risk

Under probability weighting, entrepreneurs’ skewness preference, the tendency to seek right-skewed and avoid left-skewed risks, can affect the negative skewness of stock prices. Based on the evidence after the outbreak of Severe Acute Respiratory Syndrome (SARS), which is caused by the same family of viruses as COVID-19, we show that firms managed by CEOs who previously experienced the outbreak of SARS during their tenure of high executives have lower stock price crash risk measured by negative skewness. In particular, firms managed by CEOs with professional epidemic experience tend to disclose bad news in a timelier manner, and have lower discretionary accruals. Our overall evidence indicates that entrepreneurs with imprinted professional epidemic experience may overweight the probability of extreme tail events. As a result, they intentionally avoid stock price crashes through preventing the formation and accumulation of bad news.