一、主題：Overlapping Directors and Corporate Synchronicity

二、主講人：陸瑤，清華大學經管學院金融系副教授。2009年獲得美國密西根大學-安娜堡分校經濟學博士學位，在這之前獲得美國紐約大學統計學碩士、bevictor伟德官网經濟學學士。主要研究領域包括公司金融、公司治理、金融與法、以及資本市場發展與國際化。曾在Journal of Finance、Journal of Financial Economics、Journal of Corporate Finance、《管理世界》、《金融研究》等國内外重要學術刊物發表論文十餘篇。她曾與2010年獲得第五屆亞洲太平洋金融市場國際會議最佳論文獎，多篇論文被哈佛大學公司治理論壇收錄。

三、時間：2015年6月24日（周三），16：00-17：00

四、地點：主樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

Abstract: With the data of Chinese publicly listed firms from 2000 to 2012, we find that both occurrence and intensity of overlapping directors can significantly increase stock price synchronicity between the pair of firms. These results are not driven by crossholding shares between the pair of firms and the fact that the pair of firms are in the same business group, and are robust to addressing the endogeneity issues with a dynamic panel GMM estimator and two-stage estimation with an instrument. We also investigate the channels for high stock price synchronicity and find overlapping directors can lead to firm investment and capital structure convergence. Moreover, we observe greater impacts of overlapping directors when the pair of firms are under weak information environment. Overall, our evidence suggests that overlapping directors serving as conduits for information sharing that leads to the spread of corporate policies and stock prices.