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Investment, Idiosyncratic Risk, and Growth Options
发布时间:2013-11-8 来源:本站原创  


11月12日,周二,中午 12:15-1:45学术讲座通知:

 

主讲人:Chu Zhang, Professor of Finance, Hong Kong University of Science and Technology (HKUST)

主页: http://www.bm.ust.hk/fina/staff/czhang.html

 

演讲题目:Investment, Idiosyncratic Risk, and Growth Options

 

摘要:We provide evidence in both the cross-section and time series that growth options play an important role in determining the negative physical investment-idiosyncratic risk relation. Consistent with a simple real options model, the negative relation is stronger when firms have more growth options and is a U-shaped function of the level of idiosyncratic risk. We further show that the impact of growth options is more important when the growth of the firm requires significant amount of physical investment rather than intangible investment. The effect of growth options remains strong after controlling for managerial risk aversion, investment irreversibility, product market competition, and financial constraints.

 

 

讲座语言:中文/English

 

地点:同德楼111(武东路100号)

 

 

 

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