一、主題：Busy Directors and Stock Price Synchronicity

二、主講人：陳運森，bevictor伟德官网會計學院副教授。清華大學管理學博士，聖路易斯華盛頓大學和香港中文大學訪問學者。研究方向為公司财務、會計與資本市場。曾在China Accounting and Finance Review、China Journal of Accounting Research、China Journal of Accounting Studies、《經濟研究》、《管理世界》、《會計研究》、《金融研究》等期刊發表論文多篇，主持兩項國家自然科學基金項目和多項教育部課題。曾獲得霍英東教育基金會青年教師獎一等獎、北京市哲學社會科學優秀成果二等獎、财政部中國會計學會優秀論文一等獎、楊紀琬基金優秀專著獎等學術獎勵。

三、時間：2016年4月21日 （周四），13:00-14:00

四、地點：主教樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

論文摘要：We find that the occurrence, scope and busyness of busy directors can significantly increase firms’ stock price synchronicity with the market using the data of Chinese publicly listed firms. These effects are more pronounced when busy directors are non-independent and more experienced. Busy directors can increase stock price synchronicity by serving as conduits for information sharing and transferring across firms, rather than by reducing monitoring leading to lower firm-specific information. These results are robust after addressing the endogeneity issues with the dynamic panel GMM estimation and the two-stage estimation with the instrument variable. These findings highlight the importance of corporate leaders’ human capital factors on firms’ systematic risk.