财务金融系系列讲座之206期

　　时间：2017年3月28日（周二）13:30

　　地点：史带楼503室

　　主持人：Prof. Qi ZHU　 Department of Finance, School of Management, Fudan University

　　主题：Do Firms Respond to Industry Rising Stars: Evidence from Corporate Cash Holdings

　　演讲者： Ph.D Xunhua Su Assistant Professor in Finance, Norwegian School of Economics

　　摘要： Fast-growing star firms lead competition of their industries. We identify the rising star of an industry as the industry’s fastest-growing firm in the past three years, and define the industry star index as the growth rate of the star firm minus industry average. Using this index to capture the strength of competitive pressures of rising stars on industry peers, we show that the rise of stars significantly affects peer firms’ corporate policies such as cash holdings. Specifically, firms in industries with a high (top-quartile) star index increase their cash-to-assets ratios by 0.5 percentage points more than firms in other industries. This increase of cash is equivalent to U.S. $5.5 million per year. The effect maintains even after controlling for extant measures of product market competition, suggesting that the star index captures certain dimensions of competition beyond what are captured by these extant measures.

　　简介： Xunhua Su is Assistant Professor in Finance. His research interests include Corporate Finance, Banking, Financial Crisis, Financial Contracts as well as Household Finance. His research has been published at Journal of Financial and Quantitative Analysis, Journal of Money, Credit and Banking, Financial Management, and Quarterly Review of Economics and Finance; and has been presented at various professional meetings, Norwegian Central Bank, as well as Swiss Banking Institute. Xunhua Su currently serves as Organizer at NHH Finance Brown Bag Lunch Seminar, Committee member at NHH Junior Faculty Recruitment. He was awarded The Norwegian Financial Initiative (NFI) Publication Bonus in 2016.

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